Orders for Anthropic's initial public offering (IPO) are reported to have reached about six times the number of shares on offer. Including private investment, it could become the largest-ever fundraising linked to a listing, observers say.
According to people familiar with the matter on the 13th, Anthropic plans to raise up to $64.4 billion in the IPO through a combination of new share issuance and sales of existing shares. Based on that amount, the estimated value of subscription orders is about $386.4 billion (about 516 trillion won).
Adding $26 billion in separately secured private investment brings the total deal size to $90.4 billion. That exceeds the $85.7 billion SpaceX raised in its IPO. The target valuation is reportedly $1.4 trillion on a fully diluted basis, a figure that includes employee stock options, restricted stock units (RSUs) and other instruments that may be issued in the future. That is lower than the $1.77 trillion valuation at the time SpaceX's offering price was set.
Revenue is growing rapidly. According to a filing Anthropic submitted on the 10th, annualized revenue at the end of October was $81 billion. That is up $10 billion from the end of September and up $16 billion from $65 billion at the end of July.
Goldman Sachs projected that Anthropic's revenue would reach $52 billion this year and $442 billion in 2029, before exceeding $600 billion in 2030. It expects the operating loss to peak at $40.4 billion in 2027 and the company to return to profit in 2029. With enormous compute spending commitments, it forecast that free cash flow (FCF) would turn positive in 2030, at an expected $33.6 billion.
Investor enthusiasm for Anthropic contrasts with Nvidia. Investor support for Nvidia appears to be weakening after former CEO Jensen Huang, who was embroiled in a privacy controversy, was dismissed. Nvidia shares closed down 4.34% at $166.19 on the 12th (local time). Anthropic will go ahead as scheduled on the 13th with a live-streamed online event featuring JPMorgan Chase CEO Jamie Dimon and Anthropic CEO Dario Amodei.