Anthropic, the company behind the Claude artificial intelligence (AI) model, aims to raise up to $64.4 billion (approximately KRW86.3 trillion) through a Nasdaq listing on Nov. 19 (local time), targeting a valuation of $1.4 trillion (approximately KRW1,868 trillion).
According to an amended registration statement Anthropic filed with the U.S. Securities and Exchange Commission (SEC) on Nov. 10 (local time), the company plans to offer 825 million shares at $70 to $78 per share. Of those, 801.35 million will be newly issued shares, while the remaining 23.65 million will be existing shares held by shareholders, including the company's co-founders.
Anthropic expects to raise between $56.1 billion and $62.5 billion (approximately KRW75.4 trillion to KRW84 trillion) through the offering, based on the proposed price range. Including sales of existing shares, the total offering size will range from $57.8 billion to $64.4 billion (approximately KRW77.7 trillion to KRW86.3 trillion).
Separately, Anthropic will raise an additional $26 billion through private placement agreements with cornerstone investors, including Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC.
Combined, the total fundraising amount is expected to reach as much as $90.4 billion (approximately KRW121.1 trillion). Anthropic plans to finalize its offering price on Nov. 18 and list on Nasdaq on Nov. 19.
Market observers had previously projected that Anthropic's valuation could reach as high as $2 trillion (approximately KRW2,680 trillion). However, Reuters reported that the target was adjusted because of the substantial burden of infrastructure investment and increased volatility in AI-related stocks.
The adjustment also appears to reflect growing concerns about tighter data center regulations following the recent U.S. midterm elections, as well as increasing doubts about profitability relative to massive investments amid persistently high interest rates.
Nevertheless, Anthropic continues to record rapid growth, driven by surging demand for its flagship AI model, Claude. Third-quarter revenue rose 47% from the previous quarter to $16.96 billion (approximately KRW22.7 trillion).
The Financial Times (FT) analyzed that Anthropic's listing comes amid growing concerns about a slowdown in AI data center investment after Democrats swept both the Senate and House of Representatives in last week's midterm elections.
According to the FT and Bloomberg, Goldman Sachs, the lead underwriter of Anthropic's IPO, forecasts that the company's revenue will reach approximately $685 billion (approximately KRW918 trillion) by 2030, representing a 150-fold increase within five years.
The projected 2030 revenue would approach Amazon's estimated revenue of approximately $830 billion this year. If realized, Anthropic would rank among the world's largest companies by revenue.
However, the company is not expected to become profitable for some time. Goldman Sachs forecasts that Anthropic's free cash flow (FCF) will record outflows of $12.8 billion in the fourth quarter of this year and $65.7 billion next year before turning positive at $33.6 billion in 2030.
Operating losses are expected to peak at $40.4 billion in 2027 before the company turns an operating profit in 2029. Anthropic has committed to spending approximately $900 billion (approximately KRW1,206 trillion) on computing capacity over the next several years.
