Anthropic’s listing has become a test of how much appetite for AI risk survived last week’s rout. A range that holds near $1.5 trillion would suggest institutional demand is intact and could help steady AI-linked names on the Nasdaq. A sharply lower range, or a delay, would look like confirmation that sector valuations are resetting. A deal this size could also pull money from the same funds that hold megacap tech, a possible near-term drag as they make room. The filing due this week, with the range, the share count and any anchor investors, is the next catalyst.
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Anthropic is betting last week’s AI selloff was a wobble, not a verdict, and is pressing on with its IPO while investors talk the price down.
Summary:
Anthropic plans to go ahead with its IPO later this month, aiming for shares to start trading next Thursday or Friday, the WSJ reported
A filing due early this week is expected to set out the valuation range, the number of shares and the price, and may name anchor investors
Investors had expected a target near $1.5 trillion, but some are now pushing lower after Thursday’s AI rout, well below the $2 trillion floated months ago
Goldman Sachs and Morgan Stanley are advising on the range; the shares will list on the Nasdaq under the ticker “ANT”
The Nasdaq Composite lost about $2.5 trillion in value on Thursday after the midterm elections boosted AI sceptics and data centre moratoriums
Rival OpenAI recently raised less than half its target at about $1.25 trillion; SpaceX’s record June IPO raised around $75 billion
Anthropic plans to press ahead with its initial public offering later this month despite a sharp selloff in artificial intelligence stocks, The Wall Street Journal reported, citing people familiar with the matter. The maker of the Claude AI models has meetings lined up with key investors this week and is aiming for its shares to begin trading on the Nasdaq next Thursday or Friday under the ticker “ANT.”
The valuation is now the central question. Anthropic is expected to set out its target range in a filing early this week. The filing will also show how many shares it plans to sell and at what price, and could reveal that some large investors have already agreed to buy at the IPO price. A week ago, investors expected the company to aim for around $1.5 trillion. Since last Thursday’s slide in AI stocks, some major investors have been pushing for less, according to the Journal. Anthropic will almost certainly have to accept a figure well below the roughly $2 trillion floated months ago.
Company executives have been working with bankers from Goldman Sachs and Morgan Stanley on where to set the range. The trade-off is a familiar one. Aim too high and demand could suffer, with shares falling after the debut. Aim too low and the company and its advisers risk criticism for leaving money on the table. Banks sometimes favour a slightly lower-than-expected opening range that can later be raised on strong demand.
The backdrop has turned against AI names. Companies in the Nasdaq Composite lost about $2.5 trillion in value on Thursday after the US midterm elections swept a bloc of AI sceptics into office and passed moratoriums that could slow data centre construction. The index has since recovered some ground, which is likely to have encouraged Anthropic to proceed. Even before the vote, enthusiasm for AI stocks had been fading on worries over the scale of spending and uncertain returns. Rival OpenAI raised less than half its initial target in its latest funding round, at a lower-than-hoped valuation of around $1.25 trillion.
Anthropic could still choose to wait for calmer conditions, though the Journal noted that a delay would risk sparking panic in the market. The yardstick is SpaceX, whose record June offering raised around $75 billion at a valuation of nearly $1.8 trillion. This week’s filing should show how close Anthropic can get.
This article was written by Eamonn Sheridan at investinglive.com.
