Anthropic, PBC has officially set its initial public offering price range at $70.00 to $78.00 per share, according to Amendment No. 2 to its Form S-1. The company, known for its Claude AI models, plans to offer 825 million Class A shares, comprising 801,351,354 new shares and 23,648,646 shares sold by existing holders. The shares will list on the Nasdaq Global Select Market under the ticker "ANT," with Goldman Sachs and Morgan Stanley acting as lead underwriters.
At the top of the range, the offering would generate gross proceeds of approximately $64.35 billion before underwriting discounts. Of that, about $62.51 billion would go to Anthropic, while selling stockholders would receive roughly $1.84 billion. If underwriters exercise their option to purchase an additional 123,750,000 new shares, total proceeds could reach $74 billion.
This price range is notably lower than earlier reports. Reuters had previously cited a banker email suggesting a range of $70 to $80 per share and a raise of up to $69.3 billion, but that communication was retracted. The final terms reflect a more conservative approach amid market conditions.
Concurrent Private Placement
In a significant move, Anthropic has confirmed a concurrent private placement involving major tech investors. Immediately after the IPO, subject to stated conditions, Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC Partners have agreed to purchase an aggregate $26 billion of Class N common stock at the IPO price. These shares are not registered in the offering and are not subject to the lock-up agreements that apply to most existing holders.
At the $74 midpoint, Anthropic estimates net proceeds from the new Class A shares and the private placement at about $84.6 billion, or approximately $93.7 billion if the extra-share option is fully exercised, after estimated discounts and expenses. The company intends to use these funds for general corporate purposes, including compute and infrastructure, and to cover about $3.8 billion in tax withholding on certain restricted stock units.
Retail Investor Access
Anthropic says it currently expects allocations to retail investors, both in the United States and internationally, to represent up to 20% of the Class A shares in this offering, depending on demand. The company anticipates offering a portion of shares through Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi, and E*TRADE from Morgan Stanley, including on their online platforms, at the IPO price. These firms will act as selling group members.
The offering also includes public offers in Australia, Canada, parts of the European Economic Area, Japan, Switzerland, and the United Kingdom, with no local listing planned in those markets. The company has not yet announced the exact listing date, though Bloomberg reported that pricing is expected on November 18, with trading to begin the following day.
Lock-Up and Governance
Directors, officers, and holders of substantially all of the stock are subject to lock-up periods of up to 180 days, or up to 365 days for the seven co-founders and some large holders, with earlier automatic releases. A single Class F share, held by a co-founder vehicle, will carry 50.1% of the voting power on most matters, making Anthropic a controlled company under Nasdaq rules.
Investors can apply for the IPO through the participating brokers. For those who do not receive an allocation, they will need to wait until the stock begins trading on Nasdaq. The company has not provided further details on the exact timing of the listing.
This article is for informational purposes only and does not constitute financial advice.
