Anthropic files IPO at $70 to $78 as OpenAI loss is $10.9 billion

Anthropic, the maker of the Claude AI models, prepares an IPO that could value it at $1.4 trillion. It will be the first IPO by a top developer of AI models.

Anthropic told the US Securities and Exchange Commission that it aims to sell 825 million shares at $70 to $78 each, with the ticker ANT. The Wall Street Journal reported on Tuesday that OpenAI told investors its operating loss is $10.9 billion. Anthropic was expected to lift its sale to $100 billion. Seven tech companies agree to buy $26 billion of shares in a different sale.

How it works

Anthropic sells 825 million shares to the public. In a different sale, seven tech companies buy $26 billion of non-voting shares at the same price. They are investors in Anthropic or primary suppliers of its computing power.

The numbers

OpenAI said its adjusted operating margin (profit as a share of revenue) is -109% at this time, from -150% in the quarter before. Its operating loss is $10.9 billion, from $10.1 billion.

What is not known

The source gives no last price, no listing date and no Anthropic finance numbers. Analyst Art Hogan says the IPO is part of investor worry about the cost of the AI buildout. US Democrats, who are more wary of AI, control the two chambers of Congress.

Insight: Anthropic suppliers help to pay for its fight with OpenAI

OpenAI gives discounts of as much as 90 percent to win Anthropic customers. Its loss is $10.9 billion. Google, Nvidia, AMD and Microsoft, which invest in or supply Anthropic, buy $26 billion of its shares. This is maybe a price war where the side with more cash wins, and part of the Anthropic cash comes from its suppliers. Look for the last IPO price and if the discounts stay.