Anthropic IPO Draws Orders for 6 Times the Shares on Offer

Anthropic has reportedly received subscription orders for about six times the number of shares on offer in its initial public offering (IPO). Investor interest is surging amid expectations that the listing could raise more capital than any previous IPO.

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Bloomberg reported the news on November 12 (local time), citing people familiar with the matter. Anthropic is pursuing an IPO of up to $64.4 billion through the issuance of new shares and the sale of existing shares. Based on that figure, subscription orders are estimated to have reached about $386.4 billion (approximately 516 trillion won). Including a separate $26 billion private investment, the total transaction would amount to $90.4 billion, surpassing the $85.7 billion raised in SpaceX's IPO.

Bloomberg noted that rising enthusiasm for Anthropic contrasts with weakening investor support for Nvidia following controversy over former CEO Jensen Huang's personal life and his dismissal. Nvidia shares closed at $166.19 that day, down 4.34% from the previous trading session. At one point during the session, the stock plunged as much as 14.3%, shrinking the company's market capitalization by $602 billion from the previous day to $3.593 trillion.

Although demand for the offering is already strong, Anthropic is continuing to expand investor interest. On November 13, it will hold an online live-streamed event as scheduled, featuring Anthropic CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon.

Anthropic's revenue is growing rapidly. According to a filing Anthropic submitted on November 10, its annualized revenue was $81 billion as of the end of October, up $10 billion from the end of September. Compared with the $65 billion recorded at the end of July, it rose by $16 billion in three months. Anthropic calculates the metric by annualizing usage-based revenue from the most recent 28 days and subscription revenue from the most recent month.

Goldman Sachs expects Anthropic's annual revenue to exceed $600 billion by 2030. According to the Financial Times (FT), Goldman Sachs forecasts that Anthropic's revenue will surge from $4.6 billion last year to $52 billion this year, $136 billion in 2027 and $442 billion in 2029, before surpassing $600 billion in 2030.

However, Goldman Sachs forecasts that Anthropic will not turn its annual free cash flow (FCF) positive until 2030, as the company faces substantial commitments to computing expenditures. Its projected FCF is $33.6 billion. Goldman Sachs also expects Anthropic's operating loss to peak at $40.4 billion in 2027, before the company turns an operating profit in 2029.

Anthropic is reportedly targeting a fully diluted valuation of $1.4 trillion. A fully diluted valuation takes into account not only existing shares but also shares that may be issued in the future, such as employee stock options and restricted stock units (RSUs). This would be below SpaceX's valuation of $1.77 trillion when its IPO price was finalized.

This content was produced with the assistance of AI translation services.