Anthropic is targeting a valuation of up to $1.4tn in its initial public offering, as the AI company and its backers plan to raise as much as $64bn in one of the biggest Wall Street debuts of all time. The Claude maker said it and some existing investors planned to sell 825mn shares at a price range of $70-$78, according to an updated filing with regulators as it begins its roadshow on Tuesday.
The target valuation marks a jump from $965bn in its last private financing in May but falls short of the record set by Space X’s IPO this summer and some investors’ earlier expectations that it could be worth closer to $2tn. Anthropic also said it planned to raise a total of $26bn in a private placement at the same pricing as the IPO, from chip suppliers including Nvidia, AMD, Micron, Broadcom and Taiwan Semiconductor Manufacturing Company, as well as cloud computing providers Google and Microsoft.
If the IPO goes well, Anthropic could raise a further $9.7bn through the underwriters’ over-allotment option. That, combined with the private placement, would push the total raised by Anthropic and its investors to around $100bn if shares were sold at the top end of its current range. Anthropic will set pricing after meeting with investors this week, putting it on track to complete the listing as soon as next week.
The filing also revealed that Anthropic’s annualised revenue run rate hit $81bn in October, up $10bn from the previous month. All seven of Anthropic’s co-founders are selling shares worth $250mn each at the midpoint of the current price range.
Source: Financial Times Companies · Summarized by HeadlinesBriefing