New York: Anthropic PBC is seeking a fully diluted valuation of about $1.4 trillion in its initial public offering, in a bid to make history as the first frontier artificial intelligence lab to go public.
The Claude chatbot maker and its co-founders are seeking to raise as much as $90.4 billion in the IPO and a private placement. The base offering would raise up to $64.4 billion, with shares marketed for $70 to $78 each, according to a filing on Tuesday with the US Securities and Exchange Commission. Anthropic is offering 801.4 million shares, while backers are selling 23.6 million shares.
The figure also includes a private placement set to raise $26 billion in aggregate, to Advanced Micro Devices Inc., Broadcom Inc., Alphabet Inc.'s Google, Micron Technology Inc., Microsoft Corp., Nvidia Corp. and Taiwan Semiconductor Manufacturing Co., the filing shows.
At the top of the price range, Anthropic would have a market value of about $1 trillion, based on the shares outstanding listed in the filing. Accounting for employee stock options, restricted shares and stock reserved for the company's charitable donation matching program, Anthropic would have a fully diluted value of about $1.4 trillion.
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Anthropic's ambitious target, including the private placement, would hit roughly $100 billion when including a so-called over-allotment option or greenshoe, Bloomberg News calculations show. That would top SpaceX's $75 billion base offering, or the $86.2 billion it raised with the greenshoe.
The goal defies jitters from a sharp selloff in AI-related stocks last week, driven by expectations that politicians promising tougher regulation of data centers and related infrastructure will drive up costs and limit development of the technology.
Investors are under pressure to decide whether valuations in AI reflect a plausible trajectory for a technology that many expect to transform the economy and society as a whole, or overconfidence in an investment theme that hasn't yet proven its staying power.
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The widespread adoption of Claude Code and rival tools by software developers point to the potential transformation of a wide range of professional activity, from discovering new miracle drugs to navigating complex legal and accounting rules to running a factory. Already, more than 90% of contributions to Anthropic's code base were written by Claude, the filing shows.
Anthropic has introduced so-called vertical solutions in these areas, with particular emphasis on healthcare and life sciences. It counts Novartis AG Chief Executive Officer Vas Narasimhan as one of its board members. The company's seven co-founders, including CEO Dario Amodei, are offering 3.38 million shares each in the IPO, the filing shows. The IPO is set to price on Wednesday, Nov. 18 and trade the following day, according to terms of the deal reviewed Bloomberg.
Sales are surging. The company reported a revenue run rate of $81 billion as of Oct. 31, up $10 billion from the end of September, the filing shows. Anthropic had a $65 billion run rate figure at the end of July, Bloomberg News reported. Bloomberg
