Anthropic ($ANT) has filed an updated S-1 registration statement for its initial public offering (IPO), expected later this month. While pricing won’t be final until just before the offering, the document indicates a price per share between $70 and $78 and a Nasdaq listing.
Anthropic is expected to sell around 825 million Class A shares, with about 23.6 million coming from selling shareholders.
The greenshoe is up to 123.75 million shares.
The company is also conducting a concurrent private placement of Class N shares.
Net proceeds are expected to be around $84.6 billion.
Anthropic’s valuation is currently estimated at $917 billion to $1.02 trillion (fully diluted has been reported at $1.4 trillion). Anthropic’s last funding round in March saw a post-money valuation of $965 billion.
The roadshow to sell shares to underwriters later this month may drive share price changes.
Anthropic is one of the most anticipated IPOs of 2026 and is emblematic of the red-hot artificial intelligence market. Still, the recent Democrat takeover of Congress has raised the specter of a tougher environment for AI firms as they build capacity and pursue global dominance. The US has the most robust ecosystem of AI firms, but China is close behind. Democrats are expected to apply more pressure on AI safety issues, as well as on fears that data centers may drive up electricity costs. This could give China an edge in the AI sector.
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