Anthropic Prepares for IPO with $26 Billion Already Committed

Key Takeaways

1Anthropic launches its IPO with a price range of $70 to $78 per share

2$26 billion in shares are already committed by Broadcom, Google, and Nvidia

3The IPO documents reveal rising computing costs and a legal budget of $41.5 million

Why it matters : This operation represents a major test for investor appetite for AI and is accompanied by comparisons to Facebook's IPO in 2012.

Anthropic is organizing its IPO with an indicative range of $70 to $78 per share and $26 billion already subscribed by major partners. The IPO documents indicate rising computing costs and a legal budget of $41.5 million, while Facebook's experience in 2012 serves as a reminder of the potential volatility following the listing.

Rising Costs and a Legal Budget of $41.5 Million

Anthropic's IPO documents signal an increase in computing expenses necessary to support revenue growth. The company has also budgeted $41.5 million in legal fees for this operation, an amount nearly double that budgeted by SpaceX during its record IPO. The experience of Facebook, now Meta, is often cited for comparison: it took more than a year after its IPO for the stock to exceed its IPO price. Brian Boland, who was a vice president at Facebook during the 2012 IPO, discussed with Stephen Council the similarities between that period and Anthropic's operation, while highlighting the uncertainty regarding the market's ability to accept prolonged underperformance from a highly visible company in AI, a sector where the stakes are considered particularly high.

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$26 Billion in Shares Already Committed by Partners

Investors have agreed to purchase $26 billion worth of Anthropic shares at the IPO price. Notable buyers include Broadcom, Google, and Nvidia. The presence of these players reignites criticism of circular financing within the AI industry.

Roadshow Launched and Price Range of $70 to $78 per Share

The presentation tour for Anthropic's IPO began yesterday. The company plans to offer a price between $70 and $78 for each share. No official date has been announced for the first listing, but the end of next week is mentioned as the most likely timeframe.

A High Scenario Projecting $1.4 Trillion

In its most favorable scenario, Anthropic envisions a valuation of $1.4 trillion and a fundraising of $90 billion, according to its regulatory filing. The company is led by Dario Amodei.