Antropic listed on the 19th... Goldman Sachs “Sales increase 150 times within 5 years”

(Seoul = Yonhap News) Reporter Joo-ho Jeong = Goldman Sachs, the underwriter of Antropic's initial public offering (IPO), predicted that the company's sales will increase 150 times within 5 years.

According to the Financial Times (FT) and Bloomberg News on the 10th (local time), Goldman Sachs verbally delivered to potential investors a model that estimated Antropic's 2030 sales at about $685 billion (about 918 trillion won).

The scenario is that sales will increase sharply from $4.59 billion last year to $52 billion this year, $136 billion next year, and $442 billion in 2029. The forecast for 2028 has not been disclosed.

The 2030 sales forecast is close to Amazon's expected sales this year (approximately $830 billion), and if realized, Antropic will become one of the world's largest companies in terms of sales.

Antropic's annualized sales increased by $10 billion in one month to $81 billion last month.

However, the point of making a profit was set a long time ago.

Goldman Sachs predicted that Antropic's free cash flow (FCF) would return to a surplus of $33.6 billion in 2030, after an outflow of $12.8 billion in the fourth quarter of this year and $65.7 billion next year.

Operating losses are expected to peak at $40.4 billion in 2027 and then turn into surplus in 2029.

Antropic has committed to spend about $900 billion (about 1,206 trillion won) on computing capacity over the next few years.

Antropic plans to finalize its public offering price on the 18th and list it on Nasdaq on the 19th.

A total of $90.4 billion will be raised, including $26 billion from private placements to NVIDIA and Google, and the corporate value based on the upper end of the public offering price range is approximately $1.4 trillion (approximately 1876 trillion won).

The FT reported that Antropic's listing is taking place amid growing concerns about a slowdown in investment in artificial intelligence (AI) data centers as the Democratic Party swept the Senate and House of Representatives in last week's midterm elections.

Bloomberg also pointed out that investors are under pressure to determine whether AI corporate value reflects a plausible growth trajectory or is overconfidence in an unproven investment theme.