Growth Equity Docket Vol. 1 No. 9 — Mega-IPOs, New Exit Paths and the Price of Growth

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Anthropic put a price on itself Tuesday morning: $70 to $78 a share, 825 million shares, a raise of about $60 billion, and up to $90 billion once you count the shares its chip suppliers are buying on the side. The company plans to price next Wednesday and trade next Thursday. Two weeks ago the talk was $2 trillion. The range says about $1.3 trillion. Below I explain, slowly, what the filing says, why the number came down, and what the lock-up means for the funds that own it.

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