Anthropic PBC plans to stick with its goal of listing before Thanksgiving despite last week’s slide in technology stocks, and aims to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion, according to people familiar with the plans.
That target would make the Claude developer’s offering the largest initial public offering on record, topping the roughly $75 billion SpaceX raised in June. It sits above Anthropic’s last private valuation of $965 billion but well short of the roughly $2 trillion that its most bullish backers discussed a month ago. One large investor expects the company to price conservatively, near $1.5 trillion, and let the shares rise from there; others in the deal see a figure closer to $1.3 trillion. Last week, some prospective buyers were discussing $1.1 trillion to $1.3 trillion after the Nasdaq 100’s record one-day drop.
Range still blank
Anthropic’s amended registration statement, filed Nov. 2, still leaves the price range and share count empty. Those normally appear in an updated filing when the roadshow begins, and bankers had pencilled in marketing for this week. The company has applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. Under the 15-day public-filing rule, the earliest the deal could price is Nov. 13, with trading possible as soon as Nov. 16.
What buyers are weighing
Revenue rose almost 50% to about $17 billion in the third quarter, according to the filing, and the company’s annualized revenue run rate is now about $81 billion, up from about $65 billion at the end of July, people familiar said. Investors are also weighing roughly $900 billion of planned spending on computing power and infrastructure, continued quarterly losses and a governance structure that gives a founder-held class of stock 50.1% of the vote. The company could start marketing with a smaller deal and a lower valuation and raise both if demand is strong, or wait.
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