Anthropic has set a price range of $70 to $78 per share for its planned initial public offering, according to an amended registration statement published on November 10. The company plans to offer 825 million shares, in a deal that could generate $57.75 billion to $64.35 billion at the stated prices.

The filing does not set a final date for the listing. Reports citing unnamed sources say Anthropic plans to price the offering on November 18 and begin trading the next day, November 19. If demand remains near the top of the range, the offering could be the largest IPO by an artificial intelligence company to date.

Timetable is not final

Anthropic plans to sell 801.35 million Class A shares, while existing shareholders intend to sell another 23.65 million, according to a filing cited by La Región. Underwriters may also buy up to 123.75 million additional shares at the IPO price, less their underwriting discount.

The timetable differs in a separate filing lodged in Australia. It lists November 19 as the date for setting the price and November 20 for trading, using Eastern Australian time, which is 16 hours ahead of New York. The document says the dates are indicative and may change without notice.

Anthropic plans to list on the Nasdaq Global Select Market under the ticker “ANT”. It also plans to offer shares in the United States, Australia, Canada, Japan, Switzerland, the United Kingdom and certain member states of the European Economic Area. Area Cúcuta reported that as much as 20% of the offering may be reserved for retail investors.

Private placement and valuation estimates

Alongside the IPO, Anthropic has an agreement for a $26 billion private placement of Class N shares at the IPO price. AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC Partners have committed to buy shares individually, not jointly, according to the company’s filing. Area Cúcuta reported that Google and Nvidia would each contribute $10 billion; it did not give individual amounts for the other buyers.

Reports also give different estimates of Anthropic’s value at the top of the price range. La Región put the company’s pro forma market capitalization at about $1.02 trillion, based on shares expected to be outstanding after the transaction. Area Cúcuta reported a fully diluted valuation of about $1.404 trillion. The two reports use different measures and do not reconcile the estimates.

Area Cúcuta, citing the filing, also reported an annualized revenue run-rate of about $81 billion as of October 31, up $10 billion in one month, and compute commitments of nearly $900 billion with partners including Amazon and Google. The final IPO price, proceeds and trading date remain to be confirmed.