Anthropic 确定 IPO 发行价区间每股 70 至 78 美元，隐含估值最高 1.404 万亿美元
Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion
- 1Anthropic 确定IPO价区间每股70至78美元，拟发行8.25亿股A类股，顶格定价对应1.404万亿美元估值
- 2另向 AMD、Google、Nvidia 等七家私下发售260亿美元无投票权股票，Google 与 Nvidia 各投100亿美元
- 3三季度营收170亿美元，前九个月营收332亿美元、净亏损1040亿美元，算力承诺达9009亿美元
- 4创始人凭F类股握50.1%投票权，长期受益信托将选出董事会多数，公开股东影响力有限
Anthropic 在AI投资退潮时仍推进上市，并把主要算力供应商变为股东，把融资、算力供应与创始人控制权一并锁定。
- 影响：头部AI公司的资本消耗已达千亿美元量级，九个月净亏损1040亿美元、算力承诺9009亿美元；供应商入股把算力供应与股权利益绑定；上市后公开股东话语权有限，公司方向仍由创始人主导。
- 参考：可考虑把本次招股书披露的营收、亏损与算力承诺数据作为评估大模型供应商财务稳定性的参考；采购或续约 Claude 相关服务时，值得先算出其现金储备与算力承诺的缺口，评估长期供给风险。
- 依据：发行区间、股份数与260亿美元私募安排出自 Anthropic 更新的IPO文件；营收与亏损为公司披露口径；2万亿美元目标估值与11月19日上市计划来自 CNBC 报道。
Anthropic intends to push ahead with its IPO despite shakier markets and the broader pullback from AI investing.
The Claude-maker said in an updated IPO filing on Tuesday that it would be offering a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale is expected to raise anywhere from $57.75 billion to $64.35 billion.
The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis. That would represent a significant jump up from the $965 billion valuation Anthropic reached in a May fundraise, but it’s still lower than the $2 trillion the company was reportedly targeting a couple months ago.
Separately, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece.
All up, Anthropic estimates net proceeds to reach somewhere between $84.6 billion to $93.7 billion.
Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price.
As a public benefit corporation, the founders hold a Class F share with 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence.
Anthropic intends to start trading on the Nasdaq close to November 19, per reporting from CNBC, under the ticker symbol “ANT”.
Anthropic’s third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion. The company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments hitting $900.9 billion. It has nearly $132 billion in cash and short-term investments.
OpenAI, Anthropic’s biggest rival, was reportedly valued at $1.25 trillion last week after it raised $11 billion, nearly half the $20 billion it had first tried to raise.
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Rebecca Bellan is a senior reporter at TechCrunch where she covers the business, policy, and emerging trends shaping artificial intelligence. Her work has also appeared in Forbes, Bloomberg, The Atlantic, The Daily Beast, and other publications.
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