Anthropic Chases $64B In Second-Biggest IPO Ever, Behind Only SpaceX

Anthropic wants to sell 825 million shares at $70 to $78 each, a deal worth up to about $64 billion that would rank as the second-biggest IPO ever, behind only SpaceX.

Key Takeaways

• Anthropic launched its IPO roadshow for 825 million Class A shares at an expected $70 to $78 each
• At the top of the range the deal is worth about $64.4 billion, or about $74 billion if underwriters buy 123.75 million extra shares
• Anthropic is selling 801.4 million new shares, and existing holders are selling 23.6 million
• Anthropic has applied to list on Nasdaq as ANT, and its SEC registration is not yet effective

Anthropic announced the roadshow on Tuesday. That is the stage where bankers and executives pitch the deal to big investors before the final price is set. Anthropic has applied to list its Class A stock on the Nasdaq Global Select Market under the symbol ANT.

How Much Anthropic Could Raise

Only the shares Anthropic sells bring new money into the company. Anthropic will not receive any cash from the 23.6 million shares sold by existing stockholders. It also plans to give the underwriters 30 days to buy up to 123.75 million more shares.

Also Read: Anthropic Lands $23.5B Cash Haul Before IPO

Where It Ranks Among The Biggest IPOs

SpaceX set the IPO record in June, raising $75 billion, or $86.2 billion once its own extra-share option was used. Before that, Saudi Aramco held the record with $25.6 billion in 2019. At the top of its range, Anthropic’s base deal would be about two and a half times the size of Aramco’s.

What Happens Next

Goldman Sachs and Morgan Stanley are among the banks handling the offering. The registration statement has been filed with the SEC but is not yet effective, so no shares can be sold until it is. The final price will be set after the roadshow meetings, and it could land outside the expected range.

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