Anthropic began the roadshow for its initial public offering on Tuesday at an expected price of $70 to $78 per Class A share, and filed an amended registration statement the same day. The company has applied to list on the Nasdaq Global Select Market under the ticker "ANT." The offering covers 825 million shares, of which Anthropic is selling about 801.4 million and existing stockholders the rest, though the registration statement has not yet taken effect.
Alongside the public sale, Anthropic disclosed a concurrent private placement in which seven companies have agreed to buy an aggregate $26 billion of a separate class of stock at the IPO price. The group names Anthropic's chip, cloud and data partners as shareholders before its first trade: Amazon, Alphabet, Nvidia, Broadcom, AMD, Micron and TSMC, according to the prospectus and reporting on the placement. AMD's commitment is up to $5 billion, tied to deliveries of its Helios rack-scale systems, with a $2.5 billion placement purchase satisfying part of it; Micron's share is about $1 billion and TSMC's about $500 million.
The filing details how closely the maker of Claude is bound to its suppliers. As of September 30, Amazon held $6.2 billion of principal in convertible notes, of which $579.3 million will convert into Class N shares just before the offering, the most allowed without Amazon exceeding a 12 percent ownership cap. The prospectus lists Amazon's Trainium, along with chips from Nvidia and AMD, among the hardware Anthropic uses to train and serve its models, and names Snowflake among the data platforms through which customers reach Claude.
The roadshow follows a turbulent stretch AI Daily has covered closely. An AI-wide selloff last week wiped out roughly $2 trillion in market value and pushed Anthropic to trim its IPO target toward a reported $1.2 trillion valuation. Rival OpenAI is pressing ahead with GPT-6, and the placement lands the same week that Nvidia, one of the seven cornerstone buyers, faces a widening China chip scandal around its chief executive. Analyst Dan Ives called the Anthropic offering a potentially "positive step for the tech sector," arguing the cornerstone investors matter because of their role in Anthropic's supply chain.
Much is still unsettled. The pricing range, the final valuation and the timing of the first trade all depend on the roadshow and on the registration statement becoming effective, and the placement is contingent on the offering closing. The structure also deepens a pattern of circular financing across the AI build-out, in which chipmakers and clouds invest in the model developers that buy their hardware. Whether public investors accept those cross-holdings, and the valuation they imply, will not be clear until Anthropic sets a final price.