Anthropic has set a price range of $70 to $78 per share for its upcoming initial public offering (IPO), according to an updated filing released on Tuesday. The AI lab plans to offer 825 million shares, which could raise up to $64.35 billion at the high end of the range. If successful, the IPO would value the company at up to $1.405 trillion on a fully diluted basis, a significant jump from its $965 billion valuation in May.
The company has secured agreements with major tech firms, including Advanced Micro Devices, Google, Microsoft, and Nvidia, to purchase $26 billion of its Class N common stock in a private placement. These shares will not be registered in the offering and will not be subject to lock-up agreements. Anthropic's executives are navigating a challenging political and economic landscape, with recent midterm elections and rising interest rates raising concerns about the AI sector's future.
Despite its ambitious plans, some investors are skeptical about Anthropic's valuation. CNBC reported that shareholders are bracing for a lower valuation than previously expected, with one investor calling a $1.5 trillion valuation a "stretch." The company's debut on the Nasdaq, under the ticker symbol "ANT," would follow SpaceX's record IPO earlier this year. Anthropic's CEO, Dario Amodei, co-founded the company in 2021 after leaving OpenAI.
Anthropic recently introduced two new AI models, Claude Fable 5.2 and Claude Mythos 5.2, marking its first release of "frontier" models since Amodei called for a slower pace of AI development. The company reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year, but also posted a $104 billion net loss, primarily due to changes in the fair value of convertible notes and derivative liabilities.