Ricky Gutierrez

HERE IS EVERYTHING YOU NEED TO KNOW ABOUT ANTHROPIC HEADING INTO THE IPO The IPO: - Price range: $70 to $78 per share - 825M shares for sale - On top of the 825M shares Anthropic is selling $26B of stock to Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC at the IPO price - Anthropic is raising ~$87B at the $74 per share midpoint, more than SpaceX's record $86.2B IPO - Ticker: $ANT on the Nasdaq The valuation: - Based on shares outstanding after the IPO: ~$916B to $1.02T - Fully diluted (including options and unvested stock): ~$1.26T to $1.41T The numbers (first 9 months of 2026): - Revenue: $33.2B, ~13x a year ago - Adjusted operating income: $4.08B (12% margin) - GAAP operating loss: $1.26B - Net loss: $104.0B, mostly from a $94.3B non-cash charge on convertible notes due to its valuation increase - Cash and short-term investments: $131.8B, about $212.7B after the IPO The customers: - 11,900+ paying $100K+ a year - 1,900+ paying $1M+ a year - ~250 paying $10M+ a year - Revenue per employee: $6.6M, up from $1.4M a year ago The efficiency: - Q3 revenue grew 1,127% from a year ago, while compute costs grew 382% - Anthropic says Opus 5.5 cut customer costs per task by about 40% vs Opus 5 The spending: - Anthropic has signed $900.9B worth of compute and infrastructure commitments - $451.6B of that is expected before the end of 2030, and $70.7B is due in the next 12 months Who controls Anthropic: - The 7 co-founders hold one special share with 50.1% of the vote - An independent trust elects a majority of the board - Public shareholders get 1 vote per share - Strategic partners like Google and Nvidia get no vote The lockups: - Most insiders can't sell for 180 days, and co-founders and large holders for 365 days - But employees can sell up to 10% of their locked-up shares on the first day of trading This was all taken from their IPO filing which came out today AS ALWAYS I will be posting all the major news around this IPO, so if you want to keep up with the news make sure you are following @StockMKTNewz