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Anthropic is preparing to begin marketing an IPO targeting a valuation of up to $1.4 trillion on a fully diluted basis, or around $1 trillion in undiluted market capitalization. It is seeking to raise $64.4 billion by selling 825 million shares at up to $78 each, plus $26 billion through a private placement, bringing total proceeds to $90.4 billion. The valuation is below earlier expectations of $2 trillion, as investors scrutinize operating costs and infrastructure commitments approaching $900 billion. The company reported annual revenue of $81 billion through the end of October, while third-quarter revenue grew 47% quarter over quarter to $16.96 billion.
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