Reuters calculates Anthropic at up to $1.4 trillion fully diluted

Reuters calculates that Anthropic's proposed share range would value the company at up to $1.4 trillion on a fully diluted basis, or about $1 trillion on a non-diluted basis. Reuters says the fully diluted figure includes securities such as options and restricted stock, and that the non-diluted figure is the market value at the top of the marketed range. The November 10 filing does not state a valuation.

The amended filing sets the share count and the range. Amendment No. 2, filed on November 10, registers 825,000,000 shares of Class A common stock at an estimated price of $70.00 to $78.00 a share. The company is offering 801,351,354 of those shares. Existing stockholders are offering 23,648,646. Anthropic has applied to list the Class A shares on the Nasdaq Global Select Market under the symbol ANT. The company launched the roadshow for that offering on November 10.

Seven companies agreed to buy $26.0 billion of Class N shares. Advanced Micro Devices, Broadcom, Google LLC, Micron Technology, Microsoft, NVIDIA, and TSMC Partners have agreed, severally and not jointly, to purchase an aggregate of $26.0 billion of Class N common stock in a private placement at a price per share equal to the offering price. The filing says the placement is contingent on the offering closing and on other conditions. Underwriters will not receive a discount or commission on those Class N shares.

Reuters calculates the cash raised from the range. Reuters says selling 825 million shares priced up to $78 would raise up to $64.4 billion. It says that share sale and the private placement together would raise up to $90.4 billion. Those totals are Reuters' calculations.

Directors have indicated interest in up to $303 million of the offering. The filing says certain directors and entities affiliated or associated with them have indicated an interest in buying Class A shares in the offering at the offering price, at an aggregate purchase price of up to $303 million. The registration statement has been filed with the Securities and Exchange Commission and has not become effective.