Anthropic IPO Terms Imply $1.405 Trillion Fully Diluted Valuation

Anthropic’s proposed IPO price range implies a fully diluted valuation of about $1.405 trillion at its $78 top end, a calculation that includes potential shares listed in the company’s filing.

The amended prospectus sets a $70-to-$78 range and proposes a Nasdaq Global Select Market listing under ticker ANT. Its share schedule totals 18,012,993,379 shares across outstanding shares, options and restricted stock units; multiplied by $78, that produces the $1.405 trillion estimate. Using the base count of 13,086,672,593 shares after the offering and placement instead yields about $1.021 trillion.

The offering covers 825 million Class A shares. Anthropic plans to sell 801,351,354 shares, while existing stockholders would sell the remaining 23,648,646. At $78 per share, the offering totals about $64.35 billion. Anthropic would receive none of the proceeds from stockholder sales.

The filing also sets out a separate, conditional $26 billion placement of Class N shares to Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC Partners, Ltd. The shares are priced at the IPO price and are nonvoting while held as Class N. The placement is scheduled to close after the offering, and the proposed price range is not final.