Anthropic plans to sell 825 million shares for $70 to $78 each in its Nasdaq IPO, raising up to $64.4 billion before the underwriters’ option to purchase additional shares is exercised. Nvidia, Google, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy a combined $26 billion of non-voting shares at the IPO price. At the midpoint of the range, Anthropic values the company between $916 billion and $1.02 trillion, with a fully diluted valuation of up to $1.405 trillion. The company reported $33.2 billion in revenue for the first nine months of 2026 but a $104 billion net loss, including a $94.3 billion non-cash charge, while $70.7 billion of its spending commitments are due within the next 12 months. Its co-founders will retain 50.1% of the voting power despite the company’s unusual governance structure.
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