Anthropic's proposed initial public offering (IPO) could raise as much as $69.3 billion, according to details in a securities filing that was briefly circulated to banks before being withdrawn, reported news agency Reuters on Tuesday.The filing showed that the artificial intelligence company planned to offer around 866.7 million Class A shares at a price range of $70 to $80 apiece. However, an Anthropic representative later emailed bankers saying the pricing details were inaccurate and that the company would update the filing.Anthropic did not specify which details were incorrect.The proposed offering included both new shares and a secondary sale by existing shareholders.
According to the retracted filing, Anthropic itself would sell around 843.3 million shares, while existing shareholders would offer another 23.3 million shares. At the top end of the proposed price range, the IPO could raise $69.3 billion.
TECH GIANTS LINE UP $26 BILLION INVESTMENTThe original filing also showed that Anthropic had lined up $26 billion in investments from some of the world's biggest technology companies through a private placement alongside the IPO.Google, Nvidia, Microsoft, Advanced Micro Devices, Broadcom, Micron Technology and Taiwan Semiconductor Manufacturing Company had agreed to participate in the private placement, according to the filing. The companies would invest in Anthropic's Class N common stock at the IPO price, with the transaction expected to close immediately after the listing.
As per the report Anthropic was expected to formally launch its roadshow on Tuesday, with the offering likely to be priced in the following week.The proposed listing comes as investors reassess the scale of spending on artificial intelligence infrastructure. Several companies in the AI infrastructure and data centre sectors have delayed or withdrawn planned listings amid rising interest rates, a selloff in shares and bonds of AI operators, and concerns about the sustainability of AI spending.ANTHROPIC'S VALUATION AND GROWTHInvestors had previously discussed a valuation of as much as $2 trillion for Anthropic.
However, expectations have since moderated, with a valuation of $1.5 trillion now seen as the upper end of the range, Reuters reported earlier.Founded in 2021 by former OpenAI executives, including chief executive Dario Amodei and his sister Daniela Amodei, who is now the company's president, Anthropic has emerged as a major developer of generative AI through its Claude family of models.Its growth has been supported by Google and Amazon, which are investors as well as providers of computing power and distribution partners. Both companies also compete in the artificial intelligence market.Anthropic had nearly $900 billion in computing commitments with partners, including Amazon and Google, according to to the report.
These commitments highlight the enormous computing capacity required to support the company's expansion, as well as its reliance on future financing and infrastructure.The company reported revenue of nearly $17 billion for the three months ended September 30. However, its quarterly growth rate had declined sharply, according to an amended filing earlier this month.- Ends