Anthropic Targets November IPO at Potential $2 Trillion Valuation

• Anthropic has moved the IPO time frame to November amid investor discussions of an expected $2 trillion valuation.
• The Claude company may increase its valuation to $100 billion because of increasing revenue and increased artificial intelligence investments.

Anthropic has rescheduled its initial public offering for November from October, as reported by The Wall Street Journal. The extra time may enable Anthropic to reveal the third-quarter earnings to future investors. Investor meetings will be used to assess investor interest ahead of Anthropic’s determination of its offering size and valuation.

There have been talks of an approximate valuation of $2 trillion and possible proceeds of up to $100 billion. These values would make Anthropic one of the biggest planned IPOs ever. But it has yet to finalize the valuation, number of shares, proceeds, stock exchange, ticker, and listing date.

Revenue Growth Comes at the Price of Increasing the Usage of AI

The annualized revenue of Anthropic was more than $65 billion in July, as reported by Reuters. This is an estimate of the company’s current revenues per year, not of revenues gained within a year. Investors quoted by the Journal expect annualized revenue to be above $110 billion by the year-end.

Claude subscriptions, API usage, and enterprise deals make up the biggest part of Anthropic’s revenue growth. Anthropic estimates revenue at around $190 billion – $200 billion by 2028. Anthropic expects substantial infrastructure growth due to higher demand for its AI models. Investors expect the company to have access to about five gigawatts of computing capacity by the year-end. This amount may grow by almost two times until the end of 2027. More computing capacity means higher expenses on data centers, chips, and electricity.

AI Competition and AI Safety Introduce New IPO Issues

Anthropic is also facing increased competition with the release of additional AI models by OpenAI. CEO Dario Amodei continues making calls for better regulation of increasingly sophisticated AI technologies. Additionally, Anthropic and Accenture pledge at least $2 billion within five years for frontier-model evaluations. The testing of models, red-teaming, and safety alignment shall be performed independently under the initiative. An IPO listing will lead to enhanced financial and corporate governance reporting by Anthropic.

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