Anthropic Launches IPO Roadshow Targeting Up to $64.4B

Anthropic has launched its roadshow for its initial public offering, setting the stage for one of the largest stock market debuts on record.

The artificial intelligence company plans to sell 825 million shares of Class A common stock at $70 to $78 each, according to the company’s amended S-1 filing with the SEC. Anthropic is offering about 801.4 million shares, and existing stockholders are selling about 23.6 million, generating approximately $1.7 billion to $1.8 billion in gross proceeds. Anthropic won’t receive proceeds from the shares sold by existing holders.

The company expects to grant underwriters a 30-day option to buy up to 123.75 million additional Class A shares, equal to 15% of the base offering.

At the top of the range, the offering would raise about $64.35 billion. Reported estimates of the implied valuation vary, ranging from about $1 trillion to as much as $1.4 trillion.

Anthropic has applied to list on the Nasdaq Global Select Market under the symbol “ANT.” The company expects to price the offering on Nov. 18, with trading set to begin Nov. 19, CNBC reported, citing people familiar with the matter. The order book is already covered at the proposed range, and Anthropic is targeting an unusually large retail allocation of about 20%, CNBC reported.

Separately, Nvidia, Google, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy $26 billion in nonvoting stock at the IPO price in a concurrent private placement, according to the updated filing.