Anthropic seeks a valuation of about $1.3 trillion in its stock market listing, offering shares at $70 to $78
Anthropic, the AI company behind the Claude chatbot, said in a regulatory filing on Tuesday that it will sell 825 million shares at between $70 and $78 each in its initial public offering, seeking a valuation of about $1.3 trillion. The sale would raise more than $61 billion if priced at the midpoint of the range, and up to about $64 billion at the top. The company's revenue rose to $16.2 billion in the first half of the year, from $1.1 billion a year earlier, while its pre-tax loss widened to $80.7 billion. The shares are expected to list on Nasdaq this month under the ticker ANT.
Key points
- Anthropic will sell 825 million shares at $70 to $78, seeking a valuation of about $1.3 trillion.
- The sale raises more than $61 billion at the midpoint, and up to about $64 billion at the top of the range.
- First-half revenue rose to $16.2 billion from $1.1 billion a year earlier; the pre-tax loss widened to $80.7 billion, and the company is not yet profitable.
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- The shares are expected to list on Nasdaq this month under the ticker ANT, below the $2 trillion some backers had predicted.
What happened
Anthropic was founded in 2021 by Dario and Daniela Amodei and five colleagues who had previously worked at OpenAI, and its Claude chatbot competes with OpenAI's products. Its listing would put it ahead of OpenAI in reaching the public market.
The float lands at a volatile moment for AI companies: AI-linked shares sold off sharply last week amid concerns about the scale of AI spending, whether it will pay off, and what a changed US Congress could mean for data-centre buildout.
What we know / what we don't know yet
What we know
- The filing's terms: 825 million shares at $70 to $78, a targeted valuation of about $1.3 trillion, and first-half revenue of $16.2 billion against a pre-tax loss of $80.7 billion.
- That the listing is planned for Nasdaq under the ticker ANT, expected this month.
What we don't know yet
- The final price the shares are set at, and the valuation it actually gives the company.
- The first trading day — expected this month, but no date has been fixed in the reporting read.
- How the shares will trade once listed, after last week's sell-off in AI-linked stocks.
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Why it matters
This is the first time a standalone frontier AI lab carries a public market price of its own. Where Anthropic's shares price — and how they trade — will set the reference point for the money flowing into AI, including OpenAI's expected listing, and will test whether public investors accept trillion-dollar values for companies still losing money at scale.
Background
Anthropic is founded in San Francisco by Dario and Daniela Amodei and five colleagues, all formerly at OpenAI.
SpaceX lists with a valuation of nearly $1.8 trillion, raising a record $86 billion — the mark Anthropic's offering is measured against.
Anthropic files its IPO terms: 825 million shares at $70 to $78, seeking about $1.3 trillion.
Update history
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Published — the IPO terms are the company's own regulatory filing, reported in the same terms by the Associated Press and the BBC.