Anthropic’s $2 trillion IPO changes: Prospectus delayed, listing before midterm elections

Abstract:

According to Reuters, people familiar with the matter said on Friday that Anthropic expects to

be as early as mid-October

began marketing its initial public offering (IPO)

days before the November U.S. midterm elections

Listing completed. Anthropic had expected to make its IPO prospectus public as early as next week, two people familiar with the matter said, a key step in launching the final stages of the listing. But they added that the company now does not expect to release a prospectus until late September, and cautioned that plans, including the timing, could still change.

This adjustment means that Anthropic’s listing plan is postponed. Some investors believe Anthropic could be valued at $2 trillion when it goes public, which would be one of the largest IPOs in history and a major test of the market's acceptance of the fast-growing AI industry.

As companies advance their IPOs, they often adjust their time to market based on market conditions, regulatory reviews and other preparations, so such changes are not uncommon.

Anthropic is seeking to finalize a $15 billion revolving credit line as part of the IPO process, a person familiar with the matter said. Once completed, analysts, including bank analysts involved in the financing, are expected to meet with the company.

Companies typically leave a few weeks between analyst meetings and public IPO prospectuses, but Anthropic is expected to have a shorter window this time because analysts already know Anthropic well, the person said.

The listing is expected to be one of the most high-profile IPOs in history, as investors seek to access the fast-growing AI industry through public markets. At the same time, other AI companies including OpenAI may also go public. Elon Musk's SpaceX went public in June this year, setting a record valuation of $1.77 trillion.

According to people familiar with the matter, banks including Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citigroup are working with Anthropic to promote the IPO.

As of press time, Anthropic declined to comment.