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

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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.

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 raised by SpaceX in June. Anthropic did not respond to the agency's request for comment.

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.

At this stage, investors are mainly contesting the conditions of the operation. The valuation, the amount raised and the timetable remain three distinct variables, the adjustment of which can help bring Anthropic's ambitions closer to real market demand.

Machine-translated from French