Anthropic Files for IPO as Reported Valuation Falls Short of Expectations
The Financial Times reports that Anthropic aims to raise $80 billion to $100 billion in an IPO before Thanksgiving. Officially, the company has filed its registration statement, but the offering price and number of shares remain undecided.
Anthropic, the developer of Claude, has begun the process of going public in the United States. The company announced on October 26 (local time) that it had filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). It plans to trade on Nasdaq under the ticker symbol “ANT.” Reports suggest, however, that the company is pursuing a listing at a lower valuation than initially expected.
How Far Below Expectations Is the Valuation?
Citing investors, the Financial Times reported that Anthropic is targeting an IPO before Thanksgiving. Its reported fundraising goal is $80 billion to $100 billion. The valuation range discussed alongside that target is $1.25 trillion to $1.75 trillion, below the $2 trillion anticipated by the most optimistic investors. The Financial Times reported that Anthropic was moving toward accepting that range.
Conditions in technology stocks are another factor. The Decoder reported on November 7 that Anthropic was pressing ahead with its IPO plans despite a sell-off in tech stocks.
When Did IPO Preparations Begin?
Anthropic formally announced its IPO preparations in June. On June 1, the company said it had confidentially submitted a draft registration statement. At the time, it explained that whether it would proceed with a listing depended on market conditions and other factors. The public filing in October followed that confidential draft submission.
Even with the public filing complete, the terms of the offering still need to be set. In its October announcement, Anthropic said it had not yet determined the number of shares to be offered or the offering price. The registration statement amended on November 2 also remains a preliminary prospectus without those terms.
When Can Investors Buy Shares in the IPO?
Before share sales can begin, the registration statement filed with the SEC must become effective. No date has been set for when retail investors will be able to buy shares in the offering.
Although Anthropic has announced its Nasdaq listing plans and ticker symbol, the specific terms for buying shares will emerge later in the offering process.
The key question now is how the reported valuation and fundraising targets will translate into the actual offering terms. Whether the company can meet its goal of listing before Thanksgiving also depends on the registration statement becoming effective and the final timetable.