Anthropic has set terms for its US initial public offering, offering 825 million shares at between $70 and $78 apiece. At the top of that range, the company would raise as much as $64.4 billion, according to its latest filing.
The San Francisco-based maker of the Claude chatbot is targeting a valuation of up to $1.2 trillion. That is above its last private valuation of $965 billion, but well below the $2 trillion that some bankers had previously floated for the company.
Anthropic is now pitching to investors on Wall Street to build demand for the listing. Its shares are expected to start trading on the Nasdaq in New York later this month under the ticker symbol ANT.
The filing also addressed a long-running worry among European AI startups building on top of foundation models. Anthropic said its primary focus is being a foundation AI model company. It added, however, that it may compete with application-layer startups "from time to time" in "select categories".
The wording offers some reassurance to application developers, but it stops short of ruling out competition. European founders have long feared that model providers such as Anthropic and OpenAI could launch rival application products and undercut their businesses.
The final price and the size of the raise will depend on where the offering lands within the stated range.
