Anthropic sets IPO price range of $70-$78, valuing AI firm at up to $1.4 trillion

Anthropic has set a preliminary IPO price range of $70 to $78 per share, valuing the company at up to $1.4 trillion, down from earlier expectations of $2 trillion. The offering could raise $64.4 billion at the top of the range. The AI developer will offer 825 million Class A shares, with proceeds going to the company and some existing shareholders. Separately, Anthropic plans to raise $26 billion through a private placement of Class N shares with investors including Google, Nvidia, and Microsoft, bringing total potential proceeds to $90.4 billion. The company withdrew an earlier prospectus that proposed selling 867 million shares at up to $80 each. Trading on Nasdaq under the ticker ANT may begin November 19 or 20, though the final price is pending investor meetings.