Anthropic, which was already reported to be pressing ahead with its IPO (as we covered this morning), published an updated filing on Tuesday with the details: 825 million Class A shares at $70 to $78 per share. Underwriters including Goldman Sachs and Morgan Stanley will have the option to buy up to 123.75 million more shares at the IPO price. At the top of the range the valuation would reach about $1.404 trillion on a fully diluted basis, up from $965 billion in a May funding round, but below the $2 trillion reported a few months ago.
Separately, the company announced a private sale of $26 billion in non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion each. The company estimates net proceeds of $84.6 billion to $93.7 billion. The founders hold a Class F share with 50.1% of the voting power, and the Long-Term Benefit Trust will elect a board majority, so Class A buyers will have limited influence. Up to 20% of the offering is expected to go to retail investors.
The filing also has new figures: run-rate revenue of $81 billion at the end of October, about $10 billion more than at the end of September; third-quarter revenue of $17 billion and $33.2 billion for the first nine months of the year, with a net loss of $104 billion over that period. Compute and infrastructure commitments total $900.9 billion, and the company holds nearly $132 billion in cash and short-term investments. Seven co-founders, including Dario and Daniela Amodei, are each selling nearly 3.4 million shares, about $250 million each at the midpoint of the range.
According to CNBC, as cited by TechCrunch, Nasdaq trading is expected to start around November 19, and The Wall Street Journal reported a target of Thursday or Friday next week. The final price will be set ahead of trading. Rival OpenAI was valued at $1.25 trillion last week.
