Anthropic, a five-year-old AI company that developed the Claude chatbot, is set to list its shares on the New York Stock Exchange (NYSE) this month at a potentially lower valuation than anticipated. The company plans to offer its shares between $70 and $78 each, aiming to raise up to $64 billion, according to financial reports. This valuation places Anthropic between $1.1 trillion and $1.3 trillion, falling short of the $2 trillion some investors had predicted for the firm this summer.
Despite the lower-than-expected valuation, Anthropic's planned IPO comes at a volatile time for AI companies, with concerns over potential regulatory actions from a Democrat-led Congress and broader fears about the financial viability of AI investments. Last week, the Nasdaq experienced a sharp decline following the US midterm elections, raising questions about the sustainability of AI spending.
Anthropic's revenues surged in its most recent six-month period, jumping from $1.1 billion to $16.2 billion, but the company reported a pre-tax loss of $80.7 billion, up significantly from $12.9 billion in the same period last year. Fiona Cincotta, a senior market analyst at City Index, described the $64 billion Anthropic aims to raise as "fairly bullish" given the current volatility and concerns surrounding AI. She noted that the company's optimism reflects its belief in the demand for AI technologies.
In comparison, SpaceX, Elon Musk's multifaceted AI, rocket, and satellite company, listed its shares in June at a valuation of nearly $1.8 trillion. Founded by Dario and Daniela Amodei along with five other ex-OpenAI employees, Anthropic is the rival to OpenAI, the creator of ChatGPT.