Anthropic delays IPO prospectus as listing shifts toward October

That step, which would begin the final stages of the offering, is now not expected until late September

SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5.

The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September.

The people cautioned that the plans, including the timing, could still change.

The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector.

Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations.

As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said.

Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion.

Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said.

Anthropic declined to comment.

The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry.

It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation.

Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter.

The banks declined to comment.