And the background we already knew:

Anthropic on Monday filed its amended registration statement with the SEC to kick off the formal offering, and its stock market debut is shaping up to be the largest ever equity offering.  At the top of the $70-78 range, the IPO would bring in over $64bn of proceeds, or $74bn assuming full exercise of the 15 per cent overallotment option (or greenshoe). With another $26bn of cornerstone commitments from seven strategic investors, the total size could reach $100bn.
If you want to get technical, you could argue that Anthropic’s flotation consists of the second-largest IPO alongside a humongous private placement.

Slightly smaller (but potentially bigger) than SpaceX, and the efficient traders at Predyx being smack down the middle of that range:

Actually, looking at the bet fine prints...

The share count will include all issued and outstanding classes of equity that are economically equivalent to Anthropic’s publicly traded common shares. Unexercised options, warrants, restricted stock units, convertible securities, and other potentially dilutive securities will not be included unless they have been exercised, converted, or issued and are outstanding at the close of the first trading day. That means as many as 316mn shares — worth almost $25bn at the top of the range — could be sold without any lock-up, compared with a formal secondary offering of up to $1.8bn.

Oh, there's some options/equity fiddling with that number:

Based on the over 13bn outstanding shares, the market cap would be around $1tn at $78 per share. But once you include stock options, restricted stock units and shares reserved for the charitable donation-matching programme, the share count rises to around 18bn, meaning a market cap closer to $1.4tn at the top. [...] Differences between basic and fully diluted market caps are expected for any growth company, but the wide gap highlights how much additional issuance is in store.

...and some strange stock mechanics/politics:

Only 23.6mn (or under 3 per cent) of the 825mn base offering are being sold by existing holders, with the rest of the proceeds going to the company. But there is a “shadow” secondary offering, because non-founder insiders can sell up to 10 per cent of their holdings on the first day.

The second striking feature of this deal is the $26bn cornerstone placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. These goliaths aren’t disinterested parties; they are key suppliers of all the cool stuff an AI lab needs, such as the chips, foundry capacity, cloud and compute.

Talked about that yesterday (#1612220).

"The deal may be too important to fail for the companies involved. That doesn’t necessarily mean investors will be rewarded for taking part."

Blok is a degenerate trader; he'll buy.

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