“Antropic’s ransom is worth 1 trillion to 1.4 trillion dollars”… Depending on the calculation criteria

While Antropic presented the initial public offering (IPO) price range, the corporate value estimated by foreign media varies from $1 trillion to $1.4 trillion depending on the calculation standard.

According to Antropic's revised securities report submitted to the U.S. Securities and Exchange Commission (SEC) on the 10th (local time), the company is offering 825 million shares at a price of $70 to $78 per share.

Of these, 801.35 million shares are issued as new shares, and the remaining 23.65 million shares are held by existing shareholders, including co-founders.

Accordingly, the funds raised by Antropic Company through public offering are $56.1 billion to $62.5 billion (approximately 75.4 trillion to 84 trillion won) based on the public offering price range. Including the sale of old shares, the sale size is 57.8 to 64.4 billion dollars (about 77.7 trillion to 86.3 trillion won).

Separately from the public issuance, non-voting N shares will be issued privately at the public offering price to seven companies, including Google, Nvidia, Microsoft, AMD, Broadcom, Micron, and TSMC. Based on the initial public offering price, it is worth $26 billion.

Antropic Company will raise up to $86.5 billion through public offerings and private placements. Including the sale of old shares, the size of this sale reaches up to $90.4 billion (approximately 121.2 trillion won).

Bloomberg News calculated that if the over-allotment option (green shoe) of up to 123.75 million shares is exercised, the procurement size will increase to approximately $100 billion.

Accordingly, Bloomberg, Reuters, and the Financial Times (FT) estimated the fully diluted corporate value at approximately $1.4 trillion (approximately KRW 1,876 trillion) based on the upper end of the public offering price ($78).

The full dilution standard is a method of calculating corporate value by including existing issued stocks as well as amounts that can be converted into stocks in the future, such as employee stock options, stock with transfer restrictions, and reserved stocks for donation matching.

CNBC put it at $1.405 trillion, and TechCrunch put it at $1.404 trillion.

The Wall Street Journal (WSJ) reported that the corporate value according to the public offering price range was 1.26 trillion to 1.41 trillion dollars, with the median being about 1.33 trillion dollars.

On the other hand, on a non-dilutive basis that only counts the number of shares currently issued, the public offering price is only about $1 trillion (about 1,340 trillion won) at the upper end, according to Bloomberg and Reuters. At the bottom, it is around $900 billion (about 1206 trillion won).

This corporate value is higher than the $965 billion at the time of investment attraction last May, but is significantly lower than the $2 trillion that was mentioned a few months ago.

WSJ evaluated Antropic's corporate value as a touchstone to gauge investor sentiment amid market uncertainty surrounding AI investment.

WSJ added that if the corporate value is set too high, investment demand will shrink, and if it is set too low, it may be criticized for not receiving the right price, so Antropic and the managers considered the scope until the last minute.

Just a week ago, investors expected about $1.5 trillion, but after last week's plunge in AI and infrastructure stocks, major investors reportedly demanded that the target be lowered.

When the public offering price of Space

Antropic's public offering price will be confirmed on the 18th, and trading will begin on Nasdaq on the 19th with the stock code 'ANT'.