Anthropic files for historic IPO, targeting valuation of up to $1.75T

By Gokhan Ergocun

ISTANBUL (AA) - Anthropic, the San Francisco-based developer behind AI chatbot Claude, has officially unveiled its initial public offering (IPO) prospectus, setting the stage for one of the largest market debuts in history.

The company expects to target a market valuation between $1.5 trillion and $1.75 trillion, according to its regulatory filing.

The nearly 240,000-word prospectus showed that the firm recently told backers its third-quarter revenue surged nearly 50% from the previous quarter to $16.8 billion, reaching profitability on an adjusted basis.

Anthropic reported a net loss of $81 billion in the first half of the year, driven primarily by more than $72 billion in charges related to changes in the valuation of convertible notes.

The remainder of the losses was largely tied to nearly $9 billion spent on computing power and cloud infrastructure, while the firm outlined plans to commit close to $800 billion toward computing capacity over the next decade.

Investment bank Goldman Sachs secured the lead advisory role for the public offering alongside Morgan Stanley.

The filing also detailed a multi-class corporate governance structure with five distinct share tiers.

Under the proposed framework, Anthropic's seven founders will retain 50.1% of the total voting power through Class F shares, while its Long-Term Benefit Trust will hold Class T shares granting it the authority to appoint the majority of the board of directors.

Anthropic was founded in 2021 by former researchers and executives from OpenAI, including Chief Executive Dario Amodei.

The listing is scheduled to take place after the US midterm elections in November but before the Thanksgiving holiday.

Gökhan Ergöçün