Anthropic’s June Financing Implies a $1 Trillion Valuation Floor

Anthropic’s June financing terms imply a valuation near $1 trillion, while the company held $131.65 billion in cash and marketable securities as of June 30, ahead of its planned public listing.

The implied equity value uses the $58.90-per-share price from June’s Series H round multiplied by about 16.94 billion fully diluted shares. Anthropic also had $2.5 billion in restricted cash and a $15 billion secured credit line.

More than 11,900 customers spent above $100,000 with Anthropic over the past 12 months. More than 1,900 customers topped $1 million in spending, and about 250 spent above $10 million.

Anthropic’s seven co-founders control more than 55% of effective voting power, with F-class shares accounting for 50.1% of total voting power. The founders also pledged 80% of their personal holdings to philanthropy. In September, Claude wrote more than 90% of code contributions in Anthropic’s codebase.

Anthropic is targeting a Nasdaq listing during the week of Nov. 16.