Anthropic IPO Delayed, Pre-Midterm Listing Planned

Prospectus delayed to late September, listing expected before November midterms

The initial public offering (IPO) schedule for artificial intelligence (AI) company Anthropic is expected to be delayed by about a month compared to the original plan. As the disclosure of the investment prospectus has been postponed to late September, the actual listing process is likely to conclude just before the U.S. midterm elections on November 3.

According to Reuters on the 4th (local time), multiple sources reported that Anthropic has postponed the disclosure of its IPO investment prospectus, which was originally scheduled to be released early next week, to late September.

As a result, Anthropic is expected to begin IPO marketing as early as mid-October. The listing process is projected to conclude between late October and early November. If the schedule proceeds as planned, the company will enter the New York Stock Exchange just days before the midterm elections.

However, the specific timeline remains subject to change. Anthropic is currently coordinating a $15 billion revolving credit facility alongside its listing preparations. Once the credit facility terms are finalized, financial analysts from the underwriting banks are expected to meet with Anthropic's management. Typically, several weeks pass between such meetings and the disclosure of the investment prospectus, but observers note that Anthropic's analysts may expedite the process as they are already familiar with the company's situation.

Anthropic began IPO preparations in June by submitting confidential documents to the U.S. Securities and Exchange Commission (SEC). Market expectations suggest the company's valuation could reach up to $2 trillion following the listing.

Growth trends supporting these valuation expectations continue. As of July, Anthropic's annualized revenue reportedly exceeded $65 billion, surpassing competitor OpenAI's annualized revenue of $40 billion.

Profitability has also improved. In the second quarter of this year, Anthropic recorded its first profit since inception based on adjusted operating profit. Investors have been informed that revenue could reach up to $200 billion by 2028.

If the year-end listing succeeds, Anthropic will enter the public market before competitor OpenAI, which plans to proceed with its IPO next year. Analysts suggest this could influence the competition for market leadership among AI companies.

The IPO underwriters include Morgan Stanley, Goldman Sachs, JPMorgan, and Citigroup. These banks did not respond to Reuters' requests for comment.