Abstract:
On November 11, people familiar with the matter revealed that the initial public offering (IPO) of artificial intelligence company Anthropic has been oversubscribed several times, and investors' subscription intentions far exceed the number of shares available for issuance, indicating strong demand from institutional investors for the Claude developer's listing plan. This subscription was mainly driven by the submission of large subscription intentions by large institutional investors, and the specific issuance arrangements may still be adjusted.
According to documents previously submitted by Anthropic, the company plans to issue 825 million shares at a price of US$70 to US$78 per share and simultaneously conduct a US$26 billion private placement. The combined maximum financing size of the two transactions is approximately US$90.4 billion, which is expected to exceed SpaceX's planned IPO and become the world's largest stock issuance transaction. Anthropic is currently seeking a fully diluted valuation of approximately $1.4 trillion. If subsequent subscription demand continues to be strong, the company may still increase pricing during the issuance process.
Anthropic is also increasing its promotion efforts to institutional investors and plans to hold an online live event this Friday, which will be attended by CEO Dario Amodei and JP Morgan CEO Jamie Dimon.
However, some existing investors are reported to be reselling their IPO subscription quotas to other potential buyers, while other pre-listing shareholders are selling indirect investment interests through special purpose entities (SPVs). These arrangements allow early investors to reduce the risk of holding positions and charge additional fees, but also raise market concerns about potential selling pressure in the early stages of listing.
The IPO was led by Goldman Sachs and Morgan Stanley, with 20 other banks participating. Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol "ANT."
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