Anthropic IPO demand exceeds supply as founders plan US$1.75 billion sale
Bankers were preparing a valuation of US$1.5 trillion or more, the Financial Times reported, above the company's US$1.4 trillion ceiling.
Orders for Anthropic’s initial public offering amount to several times the available shares, Bloomberg reported on 11 November, citing people familiar with the transaction. Large orders accounted for much of the demand. Pricing is scheduled for 18 November, though terms could still change, Bloomberg reported.
The Financial Times reported that bankers were preparing to value Anthropic at US$1.5 trillion or more. Anthropic had set an upper valuation of US$1.4 trillion on 10 November.
According to Anthropic’s roadshow announcement, its seven co-founders plan to sell a combined 23,648,646 shares. At the US$74 midpoint of the price range, those sales would total about US$1.75 billion, or about US$250 million per founder. Bloomberg reported that each founder would sell about 1.5% of their holding. All seven have pledged to donate 80% of their personal equity.
Separately, JonesTrading is offering a share block worth up to US$500 million, with a fee of 3% to 5% above the IPO price, Bloomberg reported. Anthropic says transfers made without its approval are not recognized.
An amended filing dated 10 November provides further details of Anthropic’s third-quarter loss. The company attributed its shift from an operating profit in the second quarter to US$5 billion in short-term computing costs and a US$2 billion staff donation-matching charge. It said model price reductions lowered revenue by about US$600 million between the quarters; adjusted operating margin declined from 19% to 15%.
Anthropic is also offering retail investors access in several countries without an overseas listing. BaFin, Germany’s financial regulator, approved a prospectus covering investors across several European countries and Switzerland. In Japan, Anthropic plans to offer 38.5 million to 50 million shares, Bloomberg reported.
