Anthropic Sets IPO Range at $70-78 per Share Targeting $1.4 Trillion Valuation
Anthropic updated its IPO filing to offer 825 million shares at $70-78 each, raising up to $64.35 billion and implying a fully diluted valuation of up to $1.405 trillion, well above its $965 billion mark in May. Seven giants including AMD, Nvidia, Microsoft, Google and TSMC will concurrently purchase $26 billion of Class N shares at the IPO price. Revenue hit $33.24 billion in the first nine months, up roughly 1200% year over year, while net loss reached $104 billion amid growing investor caution on AI valuations.
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IT之家 November 10 news, according to a report by US CNBC this evening (the 10th), Anthropic's latest updated IPO filing shows that the company plans to issue 825 million shares through an initial public offering (IPO), with an offering price set at $70 to $78 per share (approximately 468.1 to 521.6 yuan RMB at current exchange rates).
If calculated at the upper limit of the offering price of $78 (approximately 521.6 yuan RMB at current exchange rates), Anthropic could raise up to $64.35 billion (approximately 430.282 billion yuan RMB at current exchange rates) through the IPO, with a fully diluted valuation reaching as high as $1.405 trillion (IT之家 note: approximately 9.39 trillion yuan RMB at current exchange rates). By comparison, the company's valuation announced during its funding round in May this year was $965 billion (approximately 6.45 trillion yuan RMB at current exchange rates).
Anthropic also announced agreements with AMD, Broadcom, Google, Micron, Microsoft, NVIDIA, and TSMC, under which the seven companies will subscribe to a total of $26 billion (approximately 173.851 billion yuan RMB at current exchange rates) worth of Anthropic Class N common stock through private placements, at a subscription price consistent with the IPO offering price.
These shares are not included in the registration scope of this IPO and are not subject to underwriter lock-up agreements.
As Anthropic executives prepare to pitch the stock to investors, the US political environment has become turbulent. In last week's US midterm elections, the Democratic Party won control of both chambers of Congress, and multiple state-level ballot propositions that could slow down AI infrastructure construction were passed.
The stock market is also becoming increasingly cautious about the AI investment boom, with investors worried that rising interest rates will drive up borrowing costs, making it difficult for companies that need to take on large amounts of debt to purchase expensive infrastructure to bear the burden.
CNBC reported last week that some Anthropic investors expect the company's IPO valuation may be lower than previous targets. Until recently, Anthropic had hoped to achieve a valuation of $2 trillion (approximately 13.37 trillion yuan RMB at current exchange rates). However, shareholders have told CNBC that whether it can even reach $1.5 trillion (approximately 10.03 trillion yuan RMB at current exchange rates) is now in question. One investor believes that even this target is somewhat of a stretch.
If Anthropic lists on Nasdaq this month as planned under the ticker symbol "ANT," it will be only about five months after SpaceX's listing. SpaceX previously raised $85.7 billion (approximately 573.04 billion yuan RMB at current exchange rates) through a record-breaking IPO, and its market value is now slightly below $2 trillion (approximately 13.37 trillion yuan RMB at current exchange rates), roughly equivalent to its valuation at the time of listing.
Financial data shows that Anthropic's revenue in the first nine months of this year was $33.24 billion (approximately 222.262 billion yuan RMB at current exchange rates), a year-over-year increase of about 1200%; its net loss reached $104 billion (approximately 695.405 billion yuan RMB at current exchange rates), mainly due to fair value changes in convertible notes and derivative liabilities. The prospectus shows that the company's loss in the same period of 2025 was $25.1 billion (approximately 167.833 billion yuan RMB at current exchange rates).
Anthropic's co-founder wrote in the prospectus: "We hope to help humanity safely navigate this technological transformation, open up new frontiers of exploration, and usher in an age of wonder. Whether institutions or individuals, anyone who becomes our shareholder can participate in this endeavor. We hope you share the same aspirations as we do, and together turn this goal into reality."