Anthropic kicks off IPO roadshow, offering shares at $70 to $78 and targeting a trillion-dollar valuation
Anthropic kicks off IPO roadshow, offering shares at $70 to $78 and targeting a trillion-dollar valuation
Anthropic has kicked off its IPO roadshow, offering 825 million Class A common shares priced at $70 to $78 per share, targeting a valuation of up to $1.02 trillion, and will trade on the Nasdaq under the ticker "ANT".
The original piece compiles the offering range, private placement participants, and financial data, letting readers understand the full picture of Anthropic's listing size and market doubts.
Anthropic is hitting the road to pitch investors on its IPO. Despite growing skepticism on Wall Street and massive infrastructure costs, the stock offering could raise up to $90.4 billion.
According to a report from Reuters, AI company Anthropic plans to raise up to $64.4 billion through its public offering. Based on the share count listed in its prospectus, the OpenAI rival is targeting a valuation of up to $1.02 trillion. Details of the plan were briefly sent to investment banks on Monday evening before being pulled back.
On top of the public offering, Anthropic is locking in $26 billion through a separate private placement. Anchor investors include Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft, and TSMC. That brings the total share placement volume to as much as $90.4 billion.
In an official announcement, Anthropic says the public offering covers 825 million Class A common shares priced between $70 and $78 per share. Of those, 801,351,354 shares come directly from Anthropic, while existing shareholders are selling 23,648,646 shares. Anthropic won't see any proceeds from those secondary sales. The underwriting syndicate, led by Goldman Sachs and Morgan Stanley, also gets a 30-day option to buy an additional 123.75 million shares. The stock will trade on the Nasdaq under the ticker symbol "ANT."
Ahead of the listing, potential backers had pushed for a lower valuation after a previously discussed $1.5 trillion figure was deemed too rich. A private funding round in May valued CEO Dario Amodei's company at $965 billion. Major existing investors include Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The world's largest IPO so far this year was Elon Musk's SpaceX, which raised $75 billion in June at a valuation of nearly $1.75 trillion.
Billions in revenue, but data center costs are staggering
In Q3, Anthropic narrowed its net loss and grew revenue 47 percent quarter over quarter to $16.96 billion. Growth did slow compared to the prior quarter, though, when revenue jumped 144 percent. The company, founded in 2021 by former OpenAI researchers, credits strong demand for its Claude models, particularly in specialized industry solutions for healthcare, finance, and legal services.
That growth comes with a hefty price tag. According to the prospectus, Anthropic has committed to nearly $900 billion in compute capacity with partners like Amazon and Google. Some of that future infrastructure depends on financing outside the AI developer's control.
The repeatedly delayed IPO lands during a period of growing market skepticism. In today's high-interest-rate environment, investors are increasingly questioning the sustainability of the AI investment cycle, circular funding structures, and potential overcapacity in data centers. The Nasdaq posted its sharpest single-day drop in 19 months on Thursday after strong Democratic gains in the U.S. midterm elections fueled fears of tighter regulations on AI data center construction.
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Source: The Decoder · the-decoder.com