Anthropic has launched an IPO roadshow, targeting a valuation of up to about $1.02 trillion, with shares expected to begin trading next week. The company announced an expected offering range of $70 to $78 per share and filed to list on the Nasdaq under the symbol ANT. (Preliminary summary: Written by AI? Anthropic urgently withdraws the IPO prospectus sent to the bank: the price is wrong) (Background supplement: News flash "Anthropic officially applied for a Nasdaq IPO (code name ANT): huge book losses but has made money) Anthropic officially announced the launch of an initial public offering (IPO) roadshow on November 10, and is expected to sell A at $70 to $78 per share. Class ordinary shares and applied to be listed on the Nasdaq Global Select Market under the stock code ANT. Reuters reported that the IPO's target valuation is up to about US$1.02 trillion; Axios expects the stock to start trading next week. The Claude developer is using roadshows to promote its formal sale plan to investors. Proposed offering of 825 million shares, with price range set at $70 to $78 The official announcement lists the total offering as 825 million shares, of which approximately 801 million shares will be issued by Anthropic and the rest will be sold by some existing shareholders. The company will not receive proceeds from the sale of shares by existing shareholders. At the upper end of the range of $78 per share, the stock offering would total about $64.35 billion, before underwriting fees and including transactions on older shares. That's not the same thing as a valuation of about $1 trillion: the amount for the stock sale, and the valuation of the entire company. What was announced this time was a formal roadshow plan, replacing the pricing information previously sent to banks and subsequently withdrawn. Goldman Sachs and Morgan Stanley are the main underwriters and will assist the company in promoting the offering to investors and completing the issuance process. Trading is expected to begin next week, and the final price depends on subscription demand. During the road show, Anthropic will explain the business, financial and issuance conditions to potential investors, and then determine the final price based on subscription demand. $70 to $78 per share is currently the expected range, and the final offering price may still be adjusted. The official announcement stated that the relevant securities registration statement has been submitted to the U.S. Securities and Exchange Commission (SEC), but has not yet become effective. The trading arrangements for next week reported by Axios are still expected, and the company has not yet listed an exact first day of trading date in this announcement. If the listing is completed as planned, investors will be able to buy and sell Anthropic shares directly through the open market, and Claude's growth and profit prospects will also begin to be tested by daily stock prices. The trillion-dollar IPO case tests how much the market is willing to pay for the growth of AI. Anthropic chose to go public when the investment sentiment in artificial intelligence (AI) turned cold. Reuters pointed out that investors' doubts about huge infrastructure spending, debt costs and circular financing have increased, and some potential buyers have also questioned the company's previous valuation expectations. The company still has strong growth support. According to filing information cited by Reuters, revenue in the third quarter reached US$16.96 billion, an increase of about 47% from the previous quarter; however, rapid expansion is accompanied by huge computing power commitments, and the acquisition of funds and infrastructure delivery will directly affect subsequent growth. This IPO will leave Claude’s growth story to the public market for pricing. For other AI model companies that have not yet been listed, the price at which Anthropic can complete the issuance and whether investors are willing to continue to buy after listing will provide a more direct market reference than private equity valuation. Related reports Investors began to question whether Anthropic's US$1.5 trillion IPO could start as scheduled. Anthropic's IPO roadshow kicked off, spending US$3.4 billion to lock in 1.7 GW of gas-fired power, and the valuation may be revised down. Marketing expenses increased 26 times in one year! Unpacking the Cost Structure of Anthropic IPO Prospectus The Anthropic IPO risk list goes beyond losing money! The prospectus bluntly states that the model may endanger humanity〈Anthropic IPO targets a valuation of about US$1 trillion! The code name ANT is expected to start trading next week. This article was first published in BlockTempo, the most influential blockchain news media.