Roadshow as Early as Today, Racing to List Before Thanksgiving
AI startup Anthropic is reported to be pushing ahead with its initial public offering, launching its roadshow as early as November 10 and targeting a Nasdaq listing on November 19 or 20 under the ticker ANT. According to foreign media reports, Anthropic is discussing the final offering price with underwriting banks including Goldman Sachs and Morgan Stanley, striving to complete the listing before U.S. Thanksgiving on November 26. The IPO could raise up to $100 billion, potentially challenging the record for the largest IPO in global history. Due to recent sharp volatility in global tech stocks, market expectations for its valuation have been revised down significantly, adding uncertainty to the listing process.
Valuation Sharply Revised Down, Pricing in a Dilemma
Several months ago, the market had discussed a valuation of up to $2 trillion for Anthropic, which was recently cut to about $1.5 trillion. Bloomberg, citing people familiar with the matter, said some potential investors are now discussing a valuation range of $1.2 to $1.3 trillion, possibly as low as $1.1 trillion, down 45% from the earlier high. Underwriting banks now face a pricing dilemma: if the offering price is too high it could hurt subscription demand and even cause the stock to break below its issue price after listing; if the discount is too steep, the company could miss fundraising opportunities. However, the valuation remains at the market discussion stage, and the final offering price has not yet been set.
Revenue Up More Than 11-Fold Year-on-Year, Computing Spending Huge
In terms of financial performance, Anthropic's third-quarter revenue was about $16.956 billion, surging 1127% year-on-year, but sequential growth slowed to 47%, below the second quarter's pace of about 144%, indicating decelerating revenue growth. On profitability, the third-quarter operating loss was about $567 million, with a net loss of $23.291 billion; future computing procurement and infrastructure commitment spending is as high as about $895.4 billion, highlighting the huge capital required for AI model development. Investors are also awaiting the latest October revenue data to assess whether growth momentum can rebound.
AI Stocks Under Revaluation, Subscription Demand to Be Watched
Anthropic's listing comes as global AI stocks undergo a valuation reset. After the U.S. midterm elections, the market is concerned that reviews of data center energy, water use and construction could tighten, while tech giants continue to expand capital spending, prompting investors to examine the actual returns on AI investment. Although U.S. tech stocks rebounded strongly on Monday, November 9, with the Philadelphia Semiconductor Index surging 6.85% and market sentiment temporarily stabilizing, whether Anthropic can secure sufficient subscription demand remains a key focus.