Anthropic IPO: pricing details withdrawn, valuation remains uncertain

Shortly after the announcement of the price range, the company withdrew the figures, informing participating banks that they were incorrect. An updated version of the terms is expected soon, leaving the company’s valuation uncertain for now.

Previously, estimates of $1.1 to $1.5 trillion had been discussed. In May, Anthropic was valued at $965 billion in a private financing round.

Anthropic is experiencing strong growth. Revenue for the third quarter was $16.96 billion, a 47 percent increase compared to the previous quarter. Revenue for the first nine months totaled $33.2 billion, compared to $2.55 billion in the year-earlier period. The company did, however, simultaneously report an operating loss of $567 million.

As of the end of September, Anthropic had more than 11,900 enterprise customers, each generating annualized revenue of at least $100,000.

The prospectus also reveals significant financial commitments. Anthropic has contractually committed computing capacity and infrastructure worth a total of approximately $895 billion, of which around $448 billion is due by the end of 2030. A total of $69.8 billion is due in the twelve months following September.

Amazon and Alphabet have made substantial investments in Anthropic. Amazon invested around $18 billion and limited its stake to a maximum of twelve percent. Alphabet invested around $23 billion and holds a stake of approximately 15 percent. Both corporations also benefit as cloud providers, as Anthropic has committed to spending at least $110 billion with AWS by 2036 and $114.5 billion with Google by 2033. The business relationships are closely intertwined, as investors, suppliers, and customers are partially the same companies.