Anthropic IPO valuation figures differ: actual shares correspond to a market cap of about $1.02 trillion, fully diluted valuation about $1.405 trillion

Odaily reports: qinbafrank posted on X that Anthropic's IPO valuation has two calculation approaches: actual issued shares and fully diluted shares. Based on the upper end of the IPO price range of $78, if calculated solely on the approximately 13.087 billion economically outstanding shares after the completion of the IPO and the $26 billion private placement, the company's corresponding market cap is about $1.02 trillion.

However, the maximum valuation of about $1.405 trillion mentioned in CNBC's report uses the fully diluted approach, which further includes unexercised options, unvested RSUs, shares reserved under equity incentive plans, and shares reserved under employee stock ownership plans on top of existing shares. The fully diluted total share count is about 18 billion shares, which multiplied by $78 corresponds to a valuation of about $1.404 trillion.

That said, a fully diluted valuation does not mean these potential shares will be issued all at once at the IPO. Among the aforementioned categories of shares, unvested RSUs as well as shares reserved under equity incentive plans and employee stock ownership plans are not currently actually issued shares. Therefore, fully diluted is a theoretical maximum, while actual dilution occurs gradually year by year, typically lasting several years.