Anthropic’s preparations for going public caused a rush of demand: the volume of applications to purchase the company’s shares was approximately six times higher than the supply. This is one of the largest initial public offerings in history.
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Anthropic and some of its existing shareholders expect to sell shares worth up to $64.4 billion during the IPO; The company intends to raise another $26 billion through a parallel private placement. In total, this volume could reach $90.4 billion and exceed the amount raised when SpaceX went public. However, the public offering of Anthropic itself, given the stated parameters, will be smaller. The company will give priority to existing shareholders, bank representatives told potential investors. As a result, some other applicants for the purchase of securities may receive less volume than expected. However, the IPO parameters, including the level of demand for shares, may still change.
Nvidia plans to buy about $10 billion worth of Anthropic shares in a private placement. The AI lab views the manufacturer as a strategic partner: the two companies have struck deals worth tens of billions of dollars, giving Anthropic access to Nvidia’s cutting-edge hardware.
To further stimulate demand, Anthropic is holding a series of events for potential investors. In particular, on November 13, an online broadcast took place with the participation of Dario Amodei and the head of JPMorgan Chase, Jamie Dimon. The company expects a valuation of up to $1.4 trillion, lower than what investors had previously expected. Some companies set conservative parameters when they begin formally promoting their IPO, hoping that strong demand will help boost the bottom line and ensure a successful start to trading.
Documents released by Anthropic show continued revenue growth. As of October 31, its estimated value in annual terms reached $81 billion – $10 billion more than at the end of September; at the end of July, this figure was $65 billion. The company calculates it by annualizing the fee for actual consumption of services over the last 28 days and monthly revenue from subscriptions. This is not actual revenue for the year and is not a guaranteed forecast.
According to Bloomberg, some investors are offering other participants part of the expected volume of shares that they will be allocated for the IPO, hoping to earn on additional commissions and reduce their own risks even before trading begins. Other owners of shares purchased before the IPO resell their shares through specially created structures. The lead organizers of the Anthropic IPO are Goldman Sachs and Morgan Stanley, with 20 other banks participating in the process. The final offering price is expected to be determined on November 18, and trading will begin on the Nasdaq Global Select Market under the ticker symbol ANT on November 19.
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