Anthropic's filings keep its IPO range at $70 to $78 ahead of Nov. 18 pricing, ANT debut

Anthropic expects to set the final price of its initial public offering on Nov. 18 and to begin trading on Nov. 19, subject to regulatory clearance, according to a free writing prospectus the company filed with the Securities and Exchange Commission reproducing its IPO website. The shares are to trade on the Nasdaq Global Select Market under the symbol ANT. CNBC, citing people familiar with the details, reported the same pricing and trading dates.

Anthropic has not filed a new price range. Its Amendment No. 2 to the Form S-1, dated Nov. 10, remains its latest registration statement on EDGAR and estimates the price at $70 to $78 a share for 825 million Class A shares, 801,351,354 sold by the company and 23,648,646 by selling stockholders. Offering documents the company filed with the SEC on Nov. 12 for retail offers in Europe, the U.K., Japan, Australia and Canada repeat that range. A European prospectus approved by Germany’s financial regulator, BaFin, covers offers in nine countries, sets a maximum public offering price of $120 for European retail shares and says the offer period is expected to close on or about Nov. 18. It says the U.S. range “may be varied from time to time.”

Demand has been strong, according to Bloomberg News. On Nov. 11, Bloomberg reported that the offering had drawn multiple times the orders for the shares available, driven by anchor-size indications of interest, citing people familiar with the matter. On Thursday, Bloomberg reported orders of about six times the shares available and said bankers told prospective investors that Anthropic would prioritize existing backers, according to an account of that report by CNBC-TV18. The people said details of the IPO, including demand, could change.

Valuation figures for the range depend on the share count used. Bloomberg reported a fully diluted valuation target of about $1.4 trillion, and CNBC put the fully diluted figure at up to $1.405 trillion at the top of the range. Reuters, calculating from shares outstanding listed in the filing, put the top of the range at up to $1.02 trillion.

Separately, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners have agreed to buy $26.0 billion of Class N common stock in a private placement at the IPO price, the filing says. Goldman Sachs and Morgan Stanley are leading the offering. Anthropic set the range and began its roadshow on Tuesday, AI Tech Daily reported.

Anthropic’s filings keep its IPO range at $70 to $78 ahead of Nov. 18 pricing, ANT debut

Sources