Anthropic is gauging investor interest for its initial public offering with a proposed price range of $70 to $78 per share, targeting a fully diluted valuation of roughly $1.4 trillion. The Claude developer plans to raise up to $64.4 billion through the IPO and an additional $26 billion via a private placement, aiming to surpass SpaceX’s $86.2 billion listing to become the largest IPO ever. Unlike SpaceX, which enforced a fixed price of $135 per share, Anthropic is taking a conventional roadshow approach that allo…
Key points
Institutional investors will have direct input on Anthropic's final initial public offeri…: Institutional investors will have direct input on Anthropic's final initial public offering price.
Partner lockup provisions and market-driven pricing are designed to reduce post-listing s…: Partner lockup provisions and market-driven pricing are designed to reduce post-listing share volatility.
The listing proceeds under difficult conditions as the Nasdaq 100 Index recently dropped…: The listing proceeds under difficult conditions as the Nasdaq 100 Index recently dropped about 7%.
Sources checked by our analysis pipeline: 1
The Claude developer is gauging interest in its shares at a range of $70 to $78 for its initial public offering, a departure from SpaceX, which used a take-it-or-leave-it approach by setting a fixed price of $135 a share in the marketing phase.
And while Anthropic wants the bragging rights of having the biggest IPO ever, some market watchers are warning that it shouldn’t be too aggressive on pricing so institutional investors will feel like they got a fair price and shares will have room to rise on day one.
“Anthropic is doing a more conventional roadshow and when you set the IPO price based on institutional demand that makes it less likely to trade below the IPO,” said Harrison Rolfes, a senior research analyst for late-stage company research at Pitchbook.
But there are no guarantees. A challenging market backdrop — including the ouster of Jensen Huang at Nvidia Corp. — has made final stages of Anthropic’s march to public markets more complicated than SpaceX’s $86.2 billion listing in June.
SpaceX, whose shares now trade 3% above its IPO price,…
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