Anthropic, PBC has set a price range of $70.00 to $78.00 per share for its initial public offering, according to Amendment No. 2 to its Form S-1.
The Claude developer is offering 825 million Class A shares — 801,351,354 new shares and 23,648,646 sold by existing holders — and has applied to list on the Nasdaq Global Select Market under the ticker ANT.
Goldman Sachs and Morgan Stanley are the representatives of the underwriters.
At the top of the range, the offering would raise $64.35 billion before underwriting discounts: about $62.51 billion for Anthropic and about $1.84 billion for selling stockholders.
If the banks take their option to buy a further 123,750,000 new shares from the company, the total could reach $74 billion.
The terms are lower than what was previously reported by Reuters on November 9.
The Reuters report citing a mail sent to bankers said Anthropic was planning to sell 866.7 million shares at $70 to $80 and raise up to $69.3 billion.
The report said that the company had retracted the original mail on Monday.
The filing also confirms a concurrent private placement Reuters had reported.
Immediately after the IPO, and subject to stated conditions, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners have agreed to buy an aggregate $26 billion of Class N common stock at the IPO price.
The shares will not be registered in this offering and are not covered by the lock-ups 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 about $93.7 billion if the extra-share option is exercised in full, after estimated discounts and expenses.
It intends to use the money for general corporate purposes, including compute and infrastructure, and about $3.8 billion of tax withholding on certain restricted stock units.
How retail investors can get exposure
Anthropic says it currently expects allocations to retail investors, in the United States and in other countries, to represent up to 20% of the Class A shares in this offering, depending on demand.
It anticipates offering a portion, at its request, through Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*TRADE from Morgan Stanley, including on their online platforms, at the IPO price.
Those firms would 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 announced when the stock will list on the exchange.
Bloomberg reported that the IPO is set to be priced on November 18 and start trading the next day.
Directors, officers and holders of substantially all of the stock are subject to lock-ups 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, to be held by a co-founder vehicle, will carry 50.1% of the voting power on most matters, and Anthropic will be a controlled company on Nasdaq.
Investors can apply for the IPO through these brokers. For investors who didn’t get the IPO, they would need to wait until the stock starts trading on Nasdaq.
Read our in-depth guides on how to buy Anthropic stock.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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