Anthropic launched the roadshow for its initial public offering on Tuesday with an expected price range of $70 to $78 per share, targeting a valuation as high as $1.405 trillion and a raise of up to $64.35 billion before costs, according to CNBC. The offering covers 825 million shares of Class A common stock, and trading could begin as soon as next week, CNN reported.

The company is selling 801,351,354 of those shares itself, while existing stockholders are selling the remaining 23,648,646. Anthropic will receive no proceeds from the stockholders' sales. Underwriters will also hold a 30-day option to purchase up to 123,750,000 additional shares.

What does the price range imply?

At the top of the range, Anthropic could carry a fully diluted valuation (a measure counting all convertible securities and options) of $1.405 trillion. Three outlets produced slightly different midpoint readings:

• CNBC: the offering could raise as much as $64.35 billion before costs.
• The Wall Street Journal: Anthropic targets a valuation near $1.33 trillion, with a midpoint pricing bringing in upwards of $61 billion.
• CNN: the midpoint valuation sits at about $1.1 trillion once options and unvested stock are counted.

Anthropic has applied to list its Class A stock on the Nasdaq Global Select Market under the ticker "ANT." A registration statement filed with the U.S. Securities and Exchange Commission must become effective before any shares can be sold. Preliminary prospectuses are available from Goldman Sachs and Morgan Stanley, the lead banks on the deal.

Why is the target lower than expected?

The valuation target sits well below earlier expectations. Investors were expecting roughly $1.5 trillion as recently as a week ago, but several large backers pressed for a lower number after AI stocks sold off sharply last Thursday, according to The Wall Street Journal. A figure near $2 trillion was under discussion several months back.

Who is buying before the listing?

Anthropic has agreed to sell $26 billion of Class N common stock in a private placement (a sale of unregistered shares to selected investors, bypassing the public market) to seven strategic backers at the IPO price, according to CNBC:

• Advanced Micro Devices
• Broadcom
• Google
• Micron
• Microsoft
• Nvidia
• Taiwan Semiconductor Manufacturing Company

Those shares will be unregistered and exempt from underwriter lock-up agreements (restrictions that prevent early holders from selling shortly after an IPO).

How large is the business?

The financials filed in an amended registration statement show extraordinary top-line growth paired with outsized accounting losses. Sales through the first three quarters, ending September 30, reached $33.24 billion — a jump of about 1,200% from a year earlier. The company posted a net loss of $104 billion over the same span, driven mostly by fair-value adjustments on its derivative liabilities and its convertible notes.

Run-rate revenue (annualized revenue based on the latest period) stood at roughly $81 billion as of late October, an increase of $10 billion over the month before. That acceleration — adding $10 billion of annualized revenue in a single month — underpins the case backers are making for a trillion-dollar-plus valuation despite the recent selloff in AI equities.

The roadshow now moves to investor meetings ahead of pricing. If the SEC declares the registration statement effective and demand holds across the $70-to-$78 band, Anthropic would complete one of the largest capital raises on record and begin trading on Nasdaq under "ANT" within days.