Anthropic, an artificial intelligence company, was originally planning to accelerate its initial public offering (IPO) in the near future, but the latest schedule indicates a delay. According to sources familiar with the matter, Anthropic is expected to start pitching the IPO to investors in mid-October at the earliest, and aims to complete the listing a few days before the U.S. mid-term elections in November.
Market expectations suggest that the valuation of this deal could reach as high as $2 trillion, making it one of the largest IPOs in history.
Two sources stated that Anthropic was initially set to possibly file for IPO prospectus as early as next week, officially kicking off the final stage of issuance, but it is now expected to be announced by the end of September. The sources also emphasized that arrangements, including the listing time, could still change.
The Financial Times previously reported that Anthropic had originally planned to file for IPO as early as next week and scheduled roadshows in late September to meet with major investors in multiple cities.
If the original timeline was followed, the company could have started trading in New York at the end of September or the beginning of October, but according to the latest information, the schedule has been delayed.
In terms of IPO preparations, Anthropic is seeking to finalize a $15 billion revolving credit facility. According to Reuters, after the financing is completed, including analysts from the participating banks, it is expected that they will meet with the company to prepare for the subsequent IPO process.
Meanwhile, major Wall Street banks are vying for key roles in this large IPO.
The Financial Times quoted four sources saying that Morgan Stanley is currently the most likely to secure the “Lead Left” role, which is the lead underwriter playing a dominant role in the transaction.
Sources stated that Morgan Stanley has been leading discussions with potential investors regarding Anthropic’s pricing in recent weeks, but the related arrangements have not been finalized yet.
Goldman Sachs is expected to act as the stabilizing price agent for the IPO, responsible for stabilizing the stock price during the crucial early trading period.
Other banks such as JPMorgan Chase, Citigroup, and Barclays are also expected to participate in the transaction. Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup are all involved in Anthropic’s IPO and related financing work.
Anthropic’s valuation has now exceeded $900 billion.
Previously, the Financial Times cited six investors who expected the company’s market valuation post-IPO could reach $2 trillion or higher. If this proves true, Anthropic could surpass SpaceX, which went public in June with a valuation of around $1.78 trillion, making it the largest IPO in history.
However, Anthropic’s recent revenue has slightly fallen below the most optimistic expectations of some investors.
The company informed shareholders in August that its July revenue, on an annualized basis, was approximately $65 billion, up from $47 billion in May but still lower than the $80 billion some investors had originally predicted.
Anthropic’s main competitor, OpenAI, is expected to go public earliest by early next year. Recently, OpenAI has once again demonstrated growth momentum, even launching the latest artificial intelligence model this week. Some believe that increased competition may impact investors’ valuation judgments of Anthropic.
Is it being perceived as more valuable?