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)
