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Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

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Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

Anthropic intends to push ahead with its IPO despite shakier markets and the broader pullback from AI investing.

The Claude-maker said in an updated IPO filing on Tuesday that it would be offering a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale is expected to raise anywhere from $57.75 billion to $64.35 billion.

The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis. That would represent a significant jump up from the $965 billion valuation Anthropic reached in a May fundraise, but it’s still lower than the $2 trillion the company was reportedly targeting a couple months ago.

Separately, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece.

All up, Anthropic estimates net proceeds to reach somewhere between $84.6 billion and $93.7 billion (the latter if the IPO underwriters exercise their option to buy additional shares).

Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price.

1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence.



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