Anthropic set a $70–$78 price range for a planned IPO of 825 million Class A shares, which would raise about $64.4 billion at the top of the range. Pricing is expected on November 18, with trading expected to begin November 19; neither step has been completed. The range values Anthropic at $916 billion to $1.02 trillion based on basic shares, or up to $1.405 trillion fully diluted.
About 20% of the IPO is set aside for retail investors. A separate $26 billion placement to seven compute suppliers involves non-voting shares with no lock-up. The newsletter’s author suggests Bitcoin could fall another 5% if an earlier IPO pattern repeats, but presents that as a scenario, not a measured effect of Anthropic’s offering.
