Anthropic delays IPO marketing as $2 trillion valuation talks build
What's the story
Anthropic, a prominent player in the artificial intelligence (AI) space, has pushed back its initial public offering (IPO) timeline, acording to Reuters. The company is now expected to publicly file its IPO prospectus in late September and start marketing the offering in mid-October. This delay comes as Anthropic works on finalizing a major credit facility and preparing analysts for meetings ahead of the offering.
Market impact
IPO timeline adjustment
The revised timeline pushes back what some investors believe could be a $2 trillion listing, one of the largest IPOs ever attempted.
This delay is not unusual, as companies often adjust their schedules according to market conditions, regulatory reviews, and other preparations.
The move comes as Anthropic looks to finalize a $15 billion revolving credit facility before analyst meetings with banks involved in financing.
Anticipation
AI IPO frenzy
The upcoming offering is expected to be one of the most closely watched IPOs in history, as investors seek exposure to the rapidly growing AI industry.
It could coincide with other potential listings from AI companies such as OpenAI.
Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are among the banks working with Anthropic on its IPO.
Financial forecast
Projected revenue driving valuation
Anthropic's potential valuation is based not just on its current performance but also on expected growth over the next few years.
The company is forecasting revenue of about $190 billion to $200 billion in 2028, compared to a $47 billion revenue run rate disclosed in May.
Bankers and investors are using enterprise value-to-revenue multiples on these projected figures to estimate the company's worth.
Diplomatic shift
Improved relations with Trump administration
Anthropic's IPO preparations come after a major improvement in its relationship with the Trump administration.
The company had previously faced friction over AI safety protocols and national defense boundaries.
However, Commerce Secretary Howard Lutnick confirmed this week that the administration now trusts Anthropic.
This marks a major turnaround from earlier this year, when tensions resulted in sweeping export restrictions targeting Anthropic's most capable foundation models.