Anthropic IPO: Ambitions lowered after the fall in AI values?

Timing not great. Anthropic may have to review its ambitions for its IPO. According to the Wall Street Journal, several large investors doubt that the creator of Claude can reach the 1,500 billion dollars in valuation envisaged, after the sharp drop in technology stocks.

The company is targeting a listing during the week of November 16, with raising of up to $100 billion. But a reduced valuation, a lower offer or a postponement are now among the scenarios mentioned. No final decision has been announced.

Key Points

Three investors interviewed by the Wall Street Journal believe that the expected valuation must fall.

One of them mentions an amount closer to 1,000 billion dollars.

The November schedule and the size of the offer remain subject to change.

The decline in AI-related values ​​complicates an operation that could become the largest IPO ever.

Anthropic: Investors discuss the price of the IPO

According to the Wall Street Journal, three major investors wishing to participate in the operation consider that the price will probably have to be revised. The assumption of a valuation close to 1,000 billion dollars represents a third less than the objective of 1,500 billion. However, it corresponds to the opinion of an investor, not to a new official target.

It is also necessary to distinguish the valuation of the company from the amount raised. The 1,500 billion designate the value envisaged for its capital, while the 100 billion correspond to the funds that the introduction could mobilize.

According to the AFP report published by Gulf News, a reduction in supply is another possibility. At its maximum envisaged amount, the operation would exceed the 86 billion dollars raised by SpaceX in June. Anthropic did not respond to the agency's request for comment.

The decline in AI values also weakens the calendar

The stock market context weighs on the discussions. Companies making up the Nasdaq Composite lost around $2.5 trillion in capitalization on Thursday, November 5, in a decline in AI-related investments. As a reminder, this drop measures a destruction of stock market value, and not an equivalent outflow of liquidity.

The economic press also reports questions about the launch of the presentation of the offer to investors, initially expected during the week of November 9. Potential participants demand a more attractive valuation before committing. Anthropic declined to comment on these doubts to the agency.

The financing needs for AI infrastructures reinforce the challenge. Anthropic maintains close relationships with Google, Amazon and Nvidia: the reception given to its actions therefore goes beyond the sole case of the creator of Claude.