Anthropic May Start IPO Promotion on November 10 Amid Decline of AI Stocks

American company Anthropic, the developer of Claude AI models, may start meetings with investors on November 10 as part of its preparations for an initial public offering (IPO). According to IFR, a capital markets publication, the company plans to begin promoting the offering on Tuesday morning. A representative of Anthropic declined to comment on this information.

On October 26, Anthropic filed documents for an IPO with the U.S. Securities and Exchange Commission (SEC). After completing the 15-day waiting period, the company was able to start formally promoting the offering. If the schedule holds, the pricing of shares and the start of trading on the Nasdaq Global Select Market could occur in the week of November 16. The target timeline is before November 26, when Thanksgiving is celebrated in the U.S.

Anthropic's Valuation Declines Amid Market Instability

According to Bloomberg, some potential investors discussed valuing Anthropic in the range of $1.1–1.3 trillion. This is lower than the level considered a month earlier. During this period, the Nasdaq 100 index lost 14%, and the Cboe VIX volatility index briefly exceeded 25 points last week.

Matt Kennedy, a senior strategist at research firm Renaissance Capital, notes that with such volatility, companies often postpone IPOs. However, the scale of Anthropic may allow it to continue preparations. According to sources, the company is aiming for an offering comparable in size to SpaceX's IPO in June at $86.2 billion, or even larger. This is the offering size, not the valuation of the entire Anthropic.

Investors Assess Growth and Risks

According to informed sources, up to 20% of the offered shares may be allocated to retail investors, including those from the U.S., Japan, and the UK. At the same time, potential buyers will need to assess the slowdown in Anthropic's quarterly revenue growth by the end of Q3 and possible changes in data center regulations in the U.S. following the midterm elections.

Vivek Seth, CEO of investment company Shaires Holdings, cited more than $130 billion in cash and short-term investments as one of Anthropic's advantages. Peter Singlehurst, head of private companies at investment organization Baillie Gifford, which already holds a stake in Anthropic, considers the application of its models for solving complex problems in finance, law, and medical research promising.

The final share price and offering size have not been announced. They will depend on the demand identified during meetings with potential buyers.