Anthropic launches Nasdaq IPO roadshow, pricing 825 million shares at $70-$78 for up to $90.4 billion total raise at up to $1.02 trillion valuation

Anthropic has set IPO terms and started its investor roadshow. It is offering 825 million Class A shares at $70 to $78 under the Nasdaq ticker "ANT". Of these, 801.35M are new shares from the company and 23.65M are sold by existing holders. Underwriters have a 30-day option on 123.75M more. The public offering is worth up to $64.4B, with a further $26B private placement to anchor investors (Google, Nvidia, AMD, Broadcom, Micron, Microsoft, TSMC). That makes up to $90.4B in total, at a valuation of up to about $1.02T. Goldman Sachs and Morgan Stanley lead. Q3 revenue was $16.96B, up 47% quarter on quarter (against +144% the quarter before), with a narrower net loss and about $900B of compute commitments disclosed.

This is a real test of whether public markets will fund AI labs at trillion-dollar valuations, and the result will shape how rivals such as OpenAI raise money. The anchor investors are also suppliers of chips and cloud capacity. Money raised may flow back to them as compute spend, which makes the demand picture harder to read. Retail and institutional investors get direct exposure to a frontier lab for the first time. Enterprise customers and regulators gain far more public disclosure on finances and obligations. The roughly $900B compute commitment against $17B of quarterly revenue is the key figure for judging risk.

The "second largest IPO ever" framing and the trillion-dollar headline are the top of a range, not a settled outcome, and the price may move before pricing. Part of the $90.4B is a private placement from strategic partners, so it is not all open-market demand. The article is secondary coverage and cites no primary links. Talk of market reaction, regulatory fears and an "AI bubble" test is mostly speculation until shares trade.

1. 01Final pricing against the $70 to $78 range, and whether the deal is upsized or the greenshoe is exercised, which shows real demand.
2. 02First-day and first-month trading of ANT, plus the first earnings report: does revenue growth hold above the slowing 47% quarterly pace, and does the loss keep narrowing?
3. 03How the $900B compute commitments are phased and funded in the final prospectus and later filings, and how much of the anchor investors' $26B returns to them as chip and cloud spending.