Anthropic Sets $70–$78 IPO Range With Valuation Reaching About $1.4 Trillion

What happened: Anthropic set an indicative IPO range of $70–$78 per share for 825 million shares, implying approximately $64.4 billion in proceeds at the upper end and a fully diluted valuation of approximately $1.405 trillion. Pricing is expected on November 18, with Nasdaq trading under ANT expected to begin on November 19. A separate $26 billion private placement involves AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC.

Why it matters: The proposed valuation puts pressure on the distinction between rapid business growth and accounting profitability: Anthropic reported $33.24 billion in revenue for the nine months ended September 30, alongside a $104 billion net loss driven mostly by a non-cash convertible-note adjustment. That adjustment means the headline loss should not be equated with operating cash consumption. As with Bitdeer's results, readers need to examine the source of the loss, while treating Anthropic's offering range as proposed terms until pricing is completed.

Source: CNBC