Overview
- Anthropic’s roadshow is moving to price the deal on Nov. 18 and begin trading on Nasdaq as ANT on Nov. 19, and bankers report the order book is roughly six times oversubscribed.
- The offering seeks to sell 825 million shares at $70 to $78 each, targeting about $64.4 billion in proceeds and a fully diluted valuation near $1.3–$1.4 trillion.
- Nvidia has agreed to a contingent private purchase of about $10 billion of Anthropic Class N shares as part of the financing structure disclosed in the IPO filings.
- Company filings show explosive revenue growth with an $81 billion run rate as of Oct. 31 alongside large GAAP losses driven by non‑cash accounting, and roughly $900.9 billion of multi‑year compute and infrastructure commitments that extend into the 2040s.
- Investors are divided: some back the pricing on strong demand while others worry about model lifecycles, long supplier contracts, allocation rules that favor existing backers, and legal and regulatory risks that could affect customers and costs.