Anthropic has officially released its IPO information. Here's a summary of all the key details, with explanations of the technical terms: 1/ Issuance The offering price range is $70 to $78, with 825 million shares issued. Based on this range, the company could raise $57.75 billion to $64.35 billion. Including the greenshoe option, the maximum could be $74 billion. The greenshoe option is a right held by the underwriters to sell an additional 15% of the shares at the offering price. If subscriptions are strong, they will issue more shares; if the share price falls below the offering price, they will buy them back to support the price. The stock ticker is ANT, and it will be listed on the Nasdaq Global Select Market, the highest tier of Nasdaq. The roadshow will begin on November 10th. The roadshow involves the company's management meeting with investment banks to introduce the company, answer questions, and gather subscription intentions. The target listing date is November 16th. 2/ Valuation The previous private equity valuation was $965 billion. Market expectations for this IPO... The valuation has been revised down from 2 trillion to 1.2 trillion to 1.3 trillion. Q3 revenue was 17 billion, annualized to 68 billion. At 1.2 trillion, the price-to-sales ratio is 17 to 18. The price-to-sales ratio is market capitalization divided by revenue. 17 means the market is willing to pay 17 for every dollar of revenue. OpenAI's latest round of financing was 852 billion, with annualized revenue of approximately 50 billion, also at 17. The price is the same as its peers, with no premium. 3/ Who is selling? The company issued 801.35 million new shares; this money goes into the company. Existing shareholders sold 23.6486 million shares; this money goes into their pockets, the company doesn't receive any. The greenshoe option is 123.75 million shares, used to stabilize the initial share price. 4/ Underwriting Goldman Sachs and Morgan Stanley led the underwriting, with a total of 22... Underwriters Underwriters are investment banks that help companies sell stock, set prices, and stabilize stock prices. These two just completed the SpaceX deal. 5/ Shareholders Amazon and Google each hold more than 5% of the shares, making them strategic shareholders. Amazon has invested approximately $18 billion in total, of which $6.2 billion is in convertible bonds. Convertible bonds are essentially loans that are converted into shares proportionally after the IPO, without the company having to repay the cash. A maximum of 1.84 billion shares can be converted after the IPO, but there is a 12% cap. Google initially held 14% of the shares, which has been diluted to approximately 5.6% after several rounds of financing. No venture capital firm holds more than 5%; Menlo holds approximately 1.5%, while Sequoia Capital, Spark, Sound, Iconiq, and GIC are all on the shareholder list. 6/ Partnerships Anthropic has committed to spending at least $110 billion on Amazon Cloud over the next 10 years. It has committed to spending at least $114 billion on Google Cloud by 2033. Billions of dollars Revenue is highly certain, but the lifeline of computing power is in the hands of two shareholders. 7/ Fundamentals Q3 revenue was $17 billion, a 12-fold year-on-year increase. First half revenue was $16.3 billion, a 13-fold year-on-year increase. Gross margin was 85%, meaning that for every $100 in revenue, after deducting direct costs, $85 remained. 8/ How to View This is the first super IPO in the AI industry, and its pricing will become the anchor for the entire sector. If the price is too high, the computing power chain will rise accordingly. If the price is too low, the valuation system of the primary market will need to be rebuilt. The range of 70 to 78 is the result of the recent AI market correction. I also participated in the pre-IPO of this asset previously launched by Maitong. After its official launch this time, it can also be cashed out and recover some losses. This tweet is sponsored by @MSX_CN. Let high-quality assets circulate freely. Real value on the blockchain. From Wall Street to your wallet.