Anthropic Sets IPO Price Range, Eyes Up to $1.4 Trillion Nasdaq Debut

Anthropic, the artificial intelligence lab behind the Claude models, has set a price range of $70 to $78 per share for its initial public offering, moving a potentially historic Nasdaq listing a step closer to market, according to an updated regulatory filing.

In an amendment to its Form S-1 filed with the U.S. Securities and Exchange Commission on Nov. 10, the five-year-old company said it will offer 825 million shares. At the top of the range, that would value Anthropic at up to $1.405 trillion on a fully diluted basis and net the company up to $64.35 billion in proceeds, CNBC reported.

A landmark listing

The valuation target is a steep jump from the $965 billion figure Anthropic announced alongside its Series H funding round in May. The company plans to price the offering on Nov. 18 and begin trading on Nov. 19 under the ticker symbol "ANT" on the Nasdaq, people familiar with the details told CNBC.

Anthropic is aiming for a retail allocation of roughly 20 percent, well above the 5 to 10 percent that is typical for major IPOs. That would put a larger-than-usual slice of the deal in the hands of individual investors.

Chipmakers take stakes

The company also disclosed agreements with Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. to buy $26 billion of Anthropic Class N common stock in a private placement at a price equal to the IPO price. Those shares will not be registered in the offering and will not be subject to underwriter lock-up agreements.

Headwinds for the AI trade

The offering lands in a turbulent stretch for the AI sector. Anthropic is contending with a political environment reshaped by last week's midterm elections, which included a Democratic sweep in Congress and the passage of statewide ballot measures that could slow data-center and AI infrastructure buildouts.

Public markets have also grown more skeptical of the AI trade, CNBC reported, amid concern that rising interest rates will make debt used to finance the buildout more expensive.

Even so, the listing, should it proceed at the targeted range, would rank among the largest ever, underscoring investors' continued appetite for exposure to the companies building and powering frontier AI models. The S-1 amendment was filed with the SEC on Nov. 10.