Details about Anthropic’s initial public offering (IPO), including the AI company’s plans to raise nearly $70 billion, were briefly circulated among banks before being withdrawn on Monday evening.
This is evident from emails reviewed by Reuters. A representative from Anthropic sent a copy of an IPO filing indicating that the company planned to sell approximately 867 million shares at a price between $70 and $80 per share. Shortly thereafter, an email was sent stating that the pricing details were incorrect. In that second email, Anthropic said it would update the filing later. It was not clear which of the previously shared details were incorrect.
The initial filing indicated that Anthropic planned to sell 866.7 million Class A shares, including shares being sold by existing shareholders. Anthropic itself would sell approximately 843.3 million shares, while existing shareholders would sell an additional 23.3 million shares. At the top end of the price range, the IPO would raise $69.3 billion.
Roadshow begins
Anthropic will begin the roadshow leading up to its IPO on Tuesday. Investors had previously discussed a $2 trillion valuation for Anthropic, but expectations have been revised downward. The upper limit is now set at $1.5 trillion.
According to the document, which was later withdrawn, Anthropic intended to raise an additional $26 billion from several major technology companies in addition to the IPO. These companies included Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC. They were to participate in a private placement of shares. The price of these shares would be equal to the final market price, and the transaction would be completed immediately after the IPO.
Anthropic’s quarterly growth has slowed significantly, although revenue for the quarter ending September 30 totaled nearly $17 billion. The company announced this earlier this month in an amended filing.