Anthropic's IPO saw strong subscriptions, and underwriters are considering raising the offering price.

Anthropic's IPO roadshow saw strong subscriptions, prompting the underwriting team led by Goldman Sachs and Morgan Stanley to consider raising the offering price to over $78 per share, targeting a valuation of over $1.5 trillion. Anthropic is expected to list next week. Anthropic's previous filings indicated an initial offering price range of $70 to $78 per share, corresponding to a valuation of $1.26 trillion to $1.41 trillion. Under the original plan, the basic IPO fundraising target was approximately $64 billion, with an additional nearly $10 billion to be raised through the exercise of the over-allotment option. Strategic partners such as Google, Nvidia, and Microsoft would participate in a private placement at the IPO price, investing a total of $26 billion. If the offering price were increased, the total fundraising amount, including the supplementary financing, could exceed $100 billion. Anthropic plans to invest approximately $900 billion in computing power and infrastructure over the next few years. Its annualized revenue in October was $81 billion, and its third-quarter revenue was $17 billion. Morningstar analysts estimate its fair equity value at approximately $1.7 trillion, with a valuation range between $500 billion and $3 trillion. Some investors are pushing their IPO placement shares to other buyers. One New York brokerage firm, representing a venture capital firm, is pushing up to $500 million worth of shares, a 4% premium to the final IPO price. Another venture capital firm is pushing $1.25 billion worth of shares through a special purpose vehicle (SPV), valuing the company at $1.5 trillion. (Source: Financial Times)