Antropic value up to $1.4 trillion... Nvidia and Google also invested 13 trillion won each

A large number of artificial intelligence (AI) chip and cloud supply chain companies are participating, with NVIDIA and Google each investing $10 billion (about 13.4 trillion won) in Antropic's IPO.

According to Antropic's revised securities report submitted to the U.S. Securities and Exchange Commission (SEC) on the 10th (local time), seven companies signed a pre-allocation agreement to purchase a total of $26 billion (approximately 34.8 trillion won) of non-voting N shares at the public offering price.

Based on the median of the public offering price range ($74 per share), Google and Nvidia will each invest about $10 billion, and AMD will invest about $2.5 billion. Broadcom, Micron, and Microsoft (MS) will each invest about $1 billion, and TSMC will invest about $500 million through its subsidiary TSMC Partners.

Major companies that supply AI chips, cloud, and memory to Antropic have stepped up as so-called 'Cornerstone investors' and are lending their support to the listing.

Micron is the only memory company investing. Samsung Electronics and SK Hynix participated as 'strategic infrastructure partners' along with Micron in Antropic's USD 65 billion Series H investment attraction in May, but were not included in this pre-allocation.

Pre-allocated stocks are not public offerings for an IPO, so they are not subject to lock-up agreements.

Separate from the pre-allotment, Antropic will raise up to $64.4 billion (about KRW 86.3 trillion) by offering 825 million shares at $70 to $78 per share in this IPO.

According to Reuters and Bloomberg, the total procurement amount including pre-allocation is up to $90.4 billion (about 121.2 trillion won). The corporate value at the upper end of the public offering price range is approximately $1.4 trillion (approximately KRW 1876 trillion) on a fully diluted basis.

This is higher than the $965 billion at the time of investment attraction in May, but is significantly lower than the $2 trillion that was once mentioned.

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

Citing sources, CNBC reported that institutional investor demand has already filled the allocation within the offering price range.

However, the revised report also contained shadows of rapid growth, such as the possibility of termination of large computing contracts and the burden of short-term computing costs.

Antropic previously announced in a revised report submitted on the 2nd that it had an operating loss of $567 million (approximately 760 billion won) in the third quarter, turning from an operating profit of $974 million in the second quarter to a loss.

Antropic also signed a computing contract worth a total of $41.3 billion with cloud company Lambda, of which the August contract worth $34.9 billion (approximately KRW 46.8 trillion) was subject to cancellation by both parties as Lambda failed to secure data center facility lease within the deadline.

Antropic said, “At this time, we have no intention to terminate the contract.”

The Information, an American IT media outlet, reported that Antropic increased its cloud usage agreement with Microsoft and Google by about $10 billion in the past month.

Antropic's total computing and infrastructure commitments amount to approximately $900 billion (approximately 1,206 trillion won).