Overview
Anthropic PBC, the developer of the Claude chatbot, has selected Morgan Stanley and Goldman Sachs Group Inc. to lead an initial public offering, with JPMorgan Chase & Co. also participating on the transaction team. The company has filed for a confidential listing and is considering taking the company public as soon as October, though terms and participants may still change as discussions progress.
Valuation and comparative positioning
In its most recent financing round, Anthropic was priced at a $965 billion valuation, making it one of the largest private companies globally and, at that valuation, surpassing the reported private valuation of its key rival OpenAI for the first time. The company’s plans and the makeup of the underwriting group remain subject to negotiation as the IPO process advances.
Market context and related filings
Several other large private companies are preparing public offerings this year. One such company, SpaceX, is planning a potential listing with a target date as soon as June 12 and a target valuation of $1.8 trillion. SpaceX operates both as a competitor in the chatbot space - through its Grok product - and as a supplier to Anthropic.
SpaceX’s IPO filing disclosed a commercial agreement to provide Anthropic with AI computing capacity. That agreement includes access to roughly 325,000 chips from Nvidia Corp., at a committed cost of $1.25 billion per month, with the arrangement scheduled to run through May 2029.
Other industry moves
OpenAI has also engaged with investment banks about a potential public listing, holding discussions with Goldman Sachs, Morgan Stanley, Citigroup Inc., and JPMorgan, according to reporting. OpenAI’s chief executive has stated the company will file for an IPO when it is appropriate for the company.
Process notes
Additional banks may join the group appointed by Anthropic as the underwriting syndicate is finalized. The full structure and timetable for any offering remain fluid while parties continue to negotiate and prepare required documentation.
Key points
- Anthropic has chosen Morgan Stanley and Goldman Sachs to lead its prospective IPO; JPMorgan will also work on the deal.
- The company has confidentially filed and could pursue a public listing as soon as October.
- Anthropic’s last private valuation was $965 billion; SpaceX’s filing disclosed a multi-year compute supply agreement providing access to about 325,000 Nvidia chips.
Risks and uncertainties
- The structure and timing of Anthropic’s offering may change as negotiations continue, creating uncertainty around final underwriting and schedule.
- Agreements disclosed in related filings, such as the SpaceX compute supply arrangement, introduce exposure to counterparty and capacity risks through 2029 for companies relying on dedicated AI hardware.
- Other major private companies are also preparing listings, which could affect market dynamics and investor appetite for large AI-related IPOs.