WSJ: “Anthropic to go public on the 19th or 20th ... Focus on its valuation”

[Financial News] Anthropic is planning to complete its initial public offering (IPO) before the U.S. Thanksgiving holiday (November 26), despite several market headwinds, including a recent selloff in AI-related stocks and an infidelity scandal involving NVIDIA CEO Jensen Huang, the Wall Street Journal (WSJ) and other outlets reported on the 9th (local time).
After submitting its IPO registration statement (Form S-1) to the U.S. Securities and Exchange Commission (SEC), Anthropic can also begin its investor roadshow that day, as the mandatory waiting period of at least 15 days ends on the 10th.
WSJ reported that sources said Anthropic plans to meet with major investors this week and aims to begin trading on the Nasdaq on the 19th or 20th under the ticker symbol “ANT.”


Attention is focused on the target valuation Anthropic is expected to disclose in a filing early this week.
Sources expect Anthropic to raise $80 billion–$100 billion at a valuation of $1.25 trillion–$1.75 trillion (about 1,700 trillion–2,380 trillion won).
However, following recent developments with the potential to affect the industry as a whole, some forecasts suggest that certain investors now see its valuation as having fallen to $1.1 trillion–$1.3 trillion (about 1,470 trillion–1,740 trillion won).
That is well below the initially mooted valuation of “nearly $2 trillion.”
Matt Kennedy, a senior strategist at IPO research firm Renaissance Capital, said that companies often postpone IPOs when the market’s “fear gauge,” the Cboe Volatility Index (VIX), temporarily rises above 25, as it did last week. However, he said Anthropic’s IPO could be viewed as a different category from typical listings, given its size and investment value.
“Given its enormous scale and the exceptional value of its assets, if the company wants to press ahead with a listing, it can certainly do so,” he said. “Ultimately, the key question is what the final offering price will be.”
WSJ said Anthropic could postpone its listing and wait for more favorable market conditions, but doing so could risk stoking fear in the market.
Anthropic executives have recently met with representatives of Goldman Sachs and Morgan Stanley to discuss how to set the valuation range. If the target is set too high, weak investor demand could cause the share price to fall; if it is set too low, the company and its underwriters could face criticism for “not getting a fair valuation.”


One of the few companies on the front line of determining whether sufficient returns can be generated to justify the massive investments in AI chips and data centers is Anthropic.
Anthropic’s valuation this time will depend on how much confidence it can give investors that it can turn a profit.
This has implications for the AI industry as a whole, given that not only Anthropic but also other companies in the sector have poured enormous sums into building AI infrastructure.
The market research firm Vital Knowledge noted, “The ongoing selloff in AI-related stocks is making Anthropic’s IPO even more difficult. That means it will be harder to secure funding for capital expenditures, potentially creating a vicious cycle that triggers further selling.”

[email protected] Lee Seok-woo, International Affairs Specialist Reporter