Anthropic has delayed its initial public offering timetable, with IPO marketing now expected to start in mid-October and a public listing targeted before the U.S. midterm elections in November, according to Reuters, which cited people familiar with the matter. The overall plan remains subject to market conditions and the pace of regulatory review.
The offering is drawing close attention because NVIDIA has committed up to $10 billion to Anthropic.
IPO timetable moves back from earlier plan
Anthropic had previously aimed to publicly file its prospectus soon and move into the final stretch of the listing process. That schedule has now been pushed back to late September. The report said the company adjusted its IPO timetable in response to market volatility, feedback from regulators, and internal preparation work.
Anthropic did not comment on the market report or respond to requests for comment.
Company is arranging a $15 billion revolving credit facility
Before moving ahead with the public offering, Anthropic is in the process of signing a $15 billion revolving credit facility. Once that financing arrangement is completed, the company will meet with analysts involved in the fundraising.
Companies typically wait several weeks after analyst meetings before making their prospectus public. In Anthropic’s case, that preparation period is expected to move faster because market analysts already have a substantial understanding of the company’s operating condition, the report said.
NVIDIA pledged up to $10 billion last November
NVIDIA announced a strategic alliance with Anthropic in November last year and said it would invest as much as $10 billion. Beyond the direct investment, the two companies have also worked closely on chip design and engineering, allowing Anthropic’s Claude models to be optimized for NVIDIA’s next-generation GPU architectures, including Grace Blackwell and Vera Rubin.
Investors are watching a possible valuation above $2 trillion
Investor attention is also fixed on the capital needs of AI companies. The Financial Times, citing investor views, reported that Anthropic’s valuation at listing could exceed $2 trillion.
If that valuation is ultimately established, Anthropic would top the record set by SpaceX in June this year. The report said SpaceX was valued at $1.78 trillion at the time and raised $86 billion. Anthropic, if listed at the higher level, would become the largest public offering on record by valuation and could deliver investment gains worth tens of billions of dollars to early backers.
Wall Street banks are competing for underwriting roles
Major Wall Street investment banks are actively seeking underwriting roles in the IPO. According to the Financial Times, Morgan Stanley is currently the leading contender for the top underwriting position, which would involve steering valuation discussions and leading share allocations to institutional investors and sovereign wealth funds.
Goldman Sachs, JPMorgan, and Citi are also competing for roles in Anthropic’s listing.