Bankers working on Anthropic’s initial public offering are preparing for a valuation of $1.5 trillion or higher, the Financial Times reported, after institutional investors placed enough orders on the first day of the roadshow to cover the entire 825 million share offering. The marketed range of $70 to $78 a share values the Claude developer at $1.26 trillion to $1.41 trillion on a fully diluted basis, or $916 billion to $1.02 trillion based on 13.1 billion shares outstanding after the listing.
Anthropic is seeking to raise up to $64.35 billion in the IPO—selling 801.35 million Class A shares while existing holders offer 23.65 million—and has granted underwriters led by Goldman Sachs and Morgan Stanley an option to buy an additional 123.75 million shares. Alongside the public offering, which sets aside up to 20% of the shares for retail investors, seven strategic partners are buying $26 billion of non-voting stock in a private placement at the IPO price: Google and Nvidia at $10 billion each, AMD at $2.5 billion, Broadcom, Micron and Microsoft at $1 billion each, and TSMC at $500 million.