Anthropic officially sets the stage for an IPO valuing the company north of $1 trillion

By Barbara Kollmeyer and William Gavin

Anthropic could raise up to $63 billion in an IPO expected to take place next week

Anthropic reportedly sent out plans for its IPO before having to pull them back, Reuters reported.

Anthropic has officially set the price range for its highly anticipated initial public offering, opening the door for a valuation upwards of $1 trillion.

In an updated version of its prospectus, Anthropic (ANT) on Monday revealed plans to sell plans to sell 801.3 million shares at a price of between $70 and $78 apiece, with an additional 23.6 million shares to be sold by existing shareholders. In a statement, the Claude chatbot maker said it would not receive any proceeds from the sale of those shares held by existing investors.

Based on the roughly 13.1 billion shares disclosed in the prospectus, Anthropic is targeting a valuation just north of $1 trillion at the high end of its pricing range. But factoring in the implied diluted share count gets to a valuation of about $1.3 trillion.

Anthropic also said it expects to give its team of underwriters a 30-day greenshoe option to buy an additional 123.7 million shares.

Excluding that option, Anthropic could raise as much as $62.5 billion in proceeds from its IPO, based on its declared range. If underwriters were to exercise it, Anthropic could add another $9.6 billion to its coffers.

The official announcement comes after Reuters reported that Anthropic late Monday briefly circulated a copy of a filing detailing pricing information for the deal. The company had sent details of its plans to bankers before retracting them.

Anthropic said Tuesday that it was launching its roadshow, where it will make its pitch to investors across a series of virtual and in-person meetings alongside its underwriters. That will set it up to go public as soon as next week, experts say.

The Wall Street Journal reported recently that the company aims for its shares to start trading on Thursday or Friday.

Anthropic's IPO comes against a backdrop of recent market volatility and concerns about the data-center landscape.

The company did not immediately respond to a request for comment by MarketWatch via email.

The Nasdaq Composite COMP surged 2.7% on Monday, rebounding after a tough recent stretch.

Investors had at one point expected a $2 trillion valuation from Anthropic, which would have surpassed SpaceX's record set earlier this year.

While the recent market correction hasn't changed the underlying AI story, it has shifted valuation expectations, said Christian Stocker, lead equity strategist at UniCredit, in a note to clients on Monday.

"Investors might approach this IPO cautiously and if the IPO disappoints, then there might be a more systemic repricing of the AI story. In this sense, this IPO is really a test of how convinced investors are about the pace of this technological transformation," Stocker wrote.

Anthropic also announced a slew of separate deals with major tech giants to buy a total $26 billion worth of its class N stock on the completion of its offering. Nvidia (NVDA) will invest $10 billion, while Alphabet (GOOG) (GOOGL) will also buy $10 billion as part of an earlier commitment.

Advanced Micro Devices (AMD) will buy $2.5 billion worth of stock, while TSMC (TSM) has agreed to buy $500 million. Micron Technology (MU), Microsoft (MSFT) and Broadcom (AVGO) aim to purchase $1 billion each.

-Barbara Kollmeyer -William Gavin

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11-10-26 0732ET