This article first appeared on GuruFocus.
Anthropic PBC, the developer of the Claude AI models, set a price range of $70 to $78 a share for its IPO, seeking up to $64.4 billion in the base deal, according to an amended filing with the SEC. The company is offering 801.4 million shares, and existing holders are selling 23.6 million. A separate $26 billion private placement goes to Advanced Micro Devices Inc. (NASDAQ:AMD), Broadcom Inc.
(NASDAQ:AVGO), Alphabet Inc.'s (NASDAQ:GOOGL) Google, Micron Technology Inc. (NASDAQ:MU), Microsoft Corp. (NASDAQ:MSFT), Nvidia Corp. (NASDAQ:NVDA) and Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM).
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Priced at $78, Anthropic's outstanding shares would be worth around $1 trillion or about $1.4 trillion on a fully diluted basis. The IPO is set to price on November 18, and the shares are expected to trade on the Nasdaq under the symbol ANT.
The filing shows third-quarter revenue of nearly $17 billion, up from $1.4 billion a year earlier. Anthropic swung to a $567 million operating loss from a $974 million operating profit in the second quarter. Most of the loss came from $5 billion of computing costs under short-term commitments and $2 billion of non-cash charges tied to its charitable donation-matching program.
Lower prices on new models, plus customer discounts, cut third-quarter revenue growth by about $600 million. Anthropic also has $895 billion of commitments, mostly for computing power, with about $70 billion due in the year through September 2027.
