Anthropic launches roadshow for proposed IPO

Anthropic set its proposed initial public offering in motion on Tuesday, opening the investor roadshow that precedes pricing. The offering covers 825,000,000 shares of Class A common stock, with an initial price expected between $70.00 and $78.00 apiece. The company plans to list its shares on Nasdaq’s Global Select Market, trading under the ticker “ANT.”

Of the shares on offer, 801,351,354 would come directly from Anthropic, while the remaining 23,648,646 are being sold by existing stockholders; Anthropic said it will not receive any proceeds from those sales. The company also expects to grant underwriters a 30-day option to buy up to an additional 123,750,000 Class A shares.

The offering will be made only through a prospectus, with preliminary copies available from lead underwriters Goldman Sachs and Morgan Stanley. Anthropic has filed a registration statement with the US Securities and Exchange Commission, but that statement has not yet become effective — meaning the shares cannot legally be sold, nor can offers to buy them be accepted, until it is.

Why it matters

A completed listing would give Anthropic its first public-market valuation and a new channel to raise capital beyond private fundraising, a milestone for a company that has so far stayed privately held.