Anthropic Retracts $69.3 Billion IPO Pricing Details, Says Revised Figures to Follow

Anthropic, the artificial intelligence startup behind Claude, has retracted details of a proposed initial public offering after sending them to bankers, saying the pricing information was inaccurate and that revised figures would follow. The company had circulated a filing showing plans to raise as much as $69.3 billion by selling around 867 million shares at $70 to $80 apiece. The withdrawal comes as investors reassess Anthropic's valuation amid volatility in technology stocks and doubts over a November listing.

Retracted IPO details

According to a Reuters report, Anthropic initially circulated a copy of the filing with the $69.3 billion target and the share count and price range. The company later sent another email to bankers saying the pricing details were inaccurate and that it would share an updated filing later. Reuters cited emails reviewed by the news agency.

Valuation questions

The proposed offering also faces questions over valuation. A Bloomberg report said potential investors discussed a valuation of around $1.1 trillion to $1.3 trillion for Anthropic, well below earlier expectations of up to $2 trillion. The reassessment followed a sharp sell-off in AI stocks after the US midterm elections. A Wall Street Journal report cited by TechCrunch said some institutional investors were pushing for a valuation below the $1.5 trillion target discussed as recently as the previous week.

Listing timeline

Investors were questioning whether Anthropic could complete its listing in November. Anthropic, founded in 2021, had been preparing for what could become the largest-ever IPO, surpassing SpaceX's record-breaking market debut in June this year. The company had initially explored a valuation of up to $2 trillion, but changing market conditions and investor concerns have prompted a reassessment.

Sources: Business Standard · TechCrunch