Anthropic prices IPO at $70–$78 a share, targeting Nasdaq listing

Summary

• Anthropic launched its IPO roadshow, offering 825 million Class A shares at $70 to $78 each.
• The company itself is selling 801.4 million shares; existing stockholders are selling 23.6 million.
• At the top of the range, the offering would raise roughly $64 billion before underwriter options.

The latest

A price range of $70.00 to $78.00 per share now sets the public entry point into Anthropic, the artificial intelligence company said as it launched the roadshow for its proposed initial public offering of Class A common stock. The company has applied to list on the Nasdaq Global Select Market under the ticker ANT. The registration statement filed with the U.S. Securities and Exchange Commission has not yet become effective.

Details

• The size: The proposed offering consists of 825,000,000 shares of Class A common stock, according to Anthropic, PBC. The company is offering 801,351,354 of those shares directly, making it by far the dominant seller in the deal and the primary recipient of the capital raised.
• The insiders: Certain existing stockholders are offering 23,648,646 shares, roughly 2.9% of the base deal. Anthropic said it will not receive any proceeds from those sales, meaning that portion of the raise flows entirely to those holders rather than to the company.
• The greenshoe: Anthropic said it expects to grant the underwriters a 30-day option to purchase up to an additional 123,750,000 Class A shares. That allotment equals 15% of the base offering, the standard size for an over-allotment option used to stabilize trading after a listing.
• The pricing: The offering price is expected to fall between $70.00 and $78.00 per share. Applied to the full 825 million shares, the range implies gross proceeds of roughly $57.8 billion at the low end and about $64.4 billion at the high end, before the underwriter option.
• The listing: Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." The company did not name a date for the listing or for the pricing of the offering.
• The banks: Copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC or Morgan Stanley & Co. LLC, Anthropic said. The company identified no other underwriters and did not disclose the full syndicate behind the deal.
• The regulator: A registration statement covering the securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective, the company said. The shares may not be sold, and offers to buy may not be accepted, before that filing takes effect.
• The caveat: Anthropic stated that the offering will be made only by means of a prospectus, and that its announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities. The terms remain subject to change before pricing.

Background

Anthropic is incorporated as a public benefit corporation, the structure reflected in the PBC designation it uses in the offering documents. The share class being sold is Class A common stock, indicating a multi-class equity structure.

Between the lines

The split between the two sellers signals priorities: with 801.4 million of the 825 million shares coming from the company and only 23.6 million from existing holders, this is structured as a capital raise rather than an insider exit. The 15% over-allotment option and the $8 spread in the price range leave room for the final figure to move once roadshow demand is measured.

What's next

Watch for the SEC registration statement to become effective, the final pricing at or outside the $70–$78 range, and the first day of trading under ANT on the Nasdaq Global Select Market.

Source: Anthropic Newsroom