Anthropic Sets IPO at $70-$78 a Share, Testing a Wary AI Market
The AI lab plans to sell 825 million shares and list on the Nasdaq as 'ANT' in a debut that could value it at up to $1.405 trillion.
Anthropic has set a price range of $70 to $78 a share for its initial public offering, moving the five-year-old artificial intelligence lab closer to what is expected to be the most consequential technology listing in years.
The company plans to sell 825 million shares and list on the Nasdaq under the ticker symbol "ANT," according to an updated filing with the Securities and Exchange Commission. It intends to price the offering on Nov. 18 and begin trading on Nov. 19, people familiar with the plans told CNBC. Anthropic is targeting a retail allocation of about 20%, well above the 5% to 10% typical for an IPO.
At the top of the range, the offering would raise up to $64.35 billion and value Anthropic at as much as $1.405 trillion on a fully diluted basis, up from the $965 billion valuation it announced in a May funding round.
A test for the entire AI trade
The listing lands at a delicate moment. Rising interest rates, a nationwide AI backlash and a political shift in Washington have left the tech industry under mounting strain, and the public market has grown skeptical of the AI trade. The debut is seen as a defining event for a young but capital-hungry sector: leading chipmakers and internet giants have both cash and years of spending riding on Anthropic's success.
Anthropic carries outstanding spending commitments of more than $900 billion, according to its latest prospectus. It is on the hook to spend at least $110 billion with Amazon over a decade, roughly $400 billion with other companies for cloud capacity, and about $300 billion with data center and chip partners. It intends to spend $125 billion to $150 billion on AI chips from Google, though delivery will not begin until 2028.
"The numbers are just staggering," said Joe Fath, a partner at the venture firm Eclipse and a former T. Rowe Price portfolio manager.
Seven partners — AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. — have agreed to buy $26 billion of Anthropic's Class N common stock in a private placement at the IPO price. Those shares will not be subject to lock-up agreements.
The company is seeking the proceeds against a tougher backdrop. Last week's midterm elections delivered a Democratic sweep in Congress and passed several statewide ballot measures that could slow the AI buildout.