A new filing sets a range of $70 to $78 a share and a raise of up to $64.4 billion, one day after a botched prospectus showed bigger numbers. SpaceX's record is safe.

Last week, three of Anthropic's prospective investors said $1.5 trillion was too rich. Buyers started talking about $1.2 trillion to $1.3 trillion instead.

On Tuesday, Anthropic gave them $1.3 trillion.

A revised filing with the SEC offers 825 million shares at $70 to $78 apiece. At the top of the range, the company raises about $64.4 billion at a valuation of roughly $1.3 trillion, according to the Associated Press. At the midpoint it raises a little over $61 billion. The stock will trade on the Nasdaq Global Select Market under the ticker ANT.

Anthropic is selling about 801 million of those shares itself. Existing holders are selling the other 23.6 million, and that money goes to them, per the filing.

Monday's numbers were bigger, and wrong

Late Monday, Anthropic's outside counsel in Canada emailed banks a prospectus offering roughly 867 million shares at $70 to $80, for up to $69.3 billion. Hours later, the lawyers told the banks some of the details were incorrect, The Information reported. Bloomberg called it a brief clerical misstep.

Maybe so. The corrected terms kept the $70 floor, took $2 off the ceiling and dropped about 42 million shares. That cut the maximum raise by $4.9 billion, or about 7%.

Anthropic hasn't said what the error was. From the outside, a typo and a markdown look the same.

SpaceX keeps the record

Not long ago, the talk was of an $80 billion to $100 billion raise at close to $2 trillion. Either would have beaten the $86.2 billion SpaceX raised in June, the largest IPO ever. At $64.4 billion, Anthropic now falls more than $20 billion short.

It's still a giant deal. The valuation is about 35% above the $965 billion Anthropic was worth after raising $65 billion in May. But every number attached to this IPO has since moved in one direction.

The calendar doesn't help. Anthropic wants to price before Thanksgiving, with trading possible as early as November 19, which leaves little time for the market to warm back up to AI. The S&P 500 lost 4.4% on November 5, as we reported, and Nasdaq companies took most of the hit.

Jamie Dimon gets the Friday slot

Anthropic plans a livestream around lunchtime Friday in New York, where CEO Dario Amodei will talk through the offering with JPMorgan Chase CEO Jamie Dimon, Bloomberg reported, citing one person familiar with the plans. Both companies declined to comment.

SpaceX did something similar in June with Elon Musk. This version is meant to be quieter.

JPMorgan is one of 22 banks on the deal and runs sales to US retail investors. Anthropic is reportedly weighing a 15% to 20% retail allocation. A bank CEO pitching an IPO in person is about as public an endorsement as Wall Street gives.

Seven suppliers already bought in

Alongside the IPO, seven companies have agreed to buy $26 billion of stock at the offering price in a private placement:

  • Chipmakers: Nvidia, AMD, Broadcom, Micron and TSMC

  • Cloud providers: Google and Microsoft

Every one of them sells Anthropic compute or the parts that go into it. The company disclosed about $895 billion in purchase commitments and leases, mostly for compute, with Broadcom, Google and Microsoft among the counterparties. Some of that $26 billion comes from companies Anthropic already owes.

Growth is easy to show. Profit isn't.

Revenue hit $16.3 billion in the first half, 14 times the year before, and about $17 billion in the third quarter alone. Anthropic ended September with $146.6 billion in cash.

The losses are just as large. The first-half net loss was $80.7 billion, most of it a non-cash revaluation charge, and the third quarter still ran a $567 million operating loss.

Bulls see a first. Dan Ives of Yorkville Ives & Co. said a US frontier lab will finally carry "a standalone public market price", with no ad business or rocket business attached. Roger McNamee, an early backer of Google and Facebook, told CNBC the deal is dangerous for investors.

There's also Amodei's own record. In September he argued the industry should slow the development of its most advanced models so safety work could catch up, the AP noted. Now he's raising $64 billion to keep pace.

Our take

  • Listen for compute on Friday. The livestream is a sales call. What Amodei says about purchase commitments and margins matters more than anything he says about safety.

  • Watch where it prices. A price above $78 means demand outran the selloff. A price at or below $70 means it didn't.

  • Watch OpenAI's backers. OpenAI has ruled out a 2026 IPO, according to the Financial Times, and its investors are waiting to see how ANT trades.

Anthropic's range now matches what buyers said they'd pay. Next week shows whether they meant it.