Anthropic IPO to offer 825M shares at $70-$78 apiece, raising up to $64.4B

The scale is the story: a raise of this size, reinforced by a large separate cornerstone commitment, signals that public-market capital is being asked to absorb a frontier AI issuer at a magnitude rarely seen. Cornerstone participation matters because it anchors a portion of the book before general demand is tested, which can shape allocation dynamics and post-listing float. The open question is whether the priced range clears with that support intact and how the market treats a listing of this size relative to available liquidity.