Anthropic filed for an initial public offering on Tuesday that would value the artificial intelligence company at more than $1 trillion, according to a Securities and Exchange Commission filing. Reuters reported on Monday that Anthropic had sent bankers draft pricing details and then retracted them as inaccurate.
The company and some existing investors plan to raise up to $64.4 billion by selling shares at $70 to $78 each, according to the SEC filing. Anthropic will sell 801.4 million shares, while selling stockholders will offer another 23.6 million. At the top of the range, the valuation would be roughly $1.02 trillion, Reuters calculated. When restricted shares, stock reserved for charitable donations and employee stock options are included, Bloomberg News estimated the fully diluted value near $1.4 trillion.
Anthropic plans to raise another $26 billion in a private placement with cornerstone investors that include Google parent Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. The structure pairs a public sale of Class A shares with a direct sale to a small set of technology companies. The public offering and the private placement together would bring in up to $90.4 billion. Board members and their affiliates indicated they may buy as much as $303 million of Class A shares in the IPO at the offering price.
The earlier draft set out an offering of roughly 867 million shares priced at $70 to $80 each, which could have brought in up to $69.3 billion. By comparison, the updated filing shows 825 million total shares at $70 to $78, and the share sale itself is targeted at $64.4 billion. Anthropic told bankers the pricing details in that earlier version were wrong and said it would send an updated filing later, Reuters reported.
The Tuesday filing showed Anthropic's annualised revenue run rate hit about $81 billion as of October 31, up $10 billion from September 30. The company has nearly $900 billion in computing commitments with partners such as Amazon and Google. Investing.com reported that earlier reports had suggested a valuation as high as $2 trillion, but expectations have been tempered by recent AI market jitters. Analysts indicated that the IPO's success could have wider effects on the AI boom because of financial ties among Anthropic and other AI companies. The retraction added uncertainty to a deal that Investing.com described as potentially one of the largest stock market listings by an AI company.
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Sam Okafor covers capital markets, public listings and corporate finance for Venturist. He writes from filings, earnings releases and published reporting.