Anthropic: A price range of $70 to $78 for its initial public offering

The company, which is targeting the stock ticker symbol ANT, has reached a crucial step towards listing on the Nasdaq. The announced indicative price, between $70 and $78, is a first indication, with the definitive price and the start date of trading still to be determined.

The public offering could represent a fundraising of between $57.75 and $64.35 billion, depending on the final price per share. It is important to note that part of these funds will come from the sale of shares by current shareholders, and will not be fully returned to Anthropic.

A significant private placement of $26 billion in Class N shares is also planned, involving major investors such as Google, Nvidia, Microsoft, AMD, Broadcom, Micron and TSMC. This transaction, combined with the public offering, would bring the total amount raised between $83.75 and $90.35 billion, before a possible over-allocation option. Class N shares have different voting rights than Class A shares intended for the general public.

Based on a median price of $74, Anthropic anticipates net fundraising of approximately $84.6 billion, after deducting fees. The indicative market capitalization, based on the total number of shares in circulation, would be between $916 and $1,021 billion.

The prospectus filed with the SEC reveals rapid revenue growth, reaching $16.96 billion in the third quarter of 2026. However, the company faces considerable expenses related to computing capacity and infrastructure, with commitments for purchases and leases amounting to approximately $900.9 billion over several years. The funds raised will be used to finance operations, equipment, infrastructure and recruitment.

It should be noted that ANT shares are not yet tradable on the Nasdaq, and that the registration statement with the SEC is not yet effective. The announced price range is therefore indicative and non-binding.