Anthropic Begins Its IPO Roadshow as Valuation Expectations Still Top RMB 1 Trillion

Anthropic has just officially launched its IPO!

This time, they'reIt is expected to issue 825 million shares at prices ranging from $70.00 to $78.00 per share.

If calculated according to the price range ceiling, the volume of fundraising for the transaction would easily exceed $60 billion.

Anthropic has another $26 billion in private equity divestitures, based on the 1.31 billion shares in circulation disclosed in its filing documents, which would put it at a valuation of $917.0 billion to $102 trillion.

Although the valuation has dropped from $2 trillion, it will still be one of the largest IPOs in the world in recent years.

While the U.S. Securities and Exchange Commission's registration declaration has not yet entered into force and the bell ringing date has not been set, the market is in a state of foolishness.

The core data of the IPO disclosed is very large and worthy of detail.

The announcement shows that Anthropic is planning to release825 million shares in Class AThe vast majority (about 801 million shares) will be "new shares" issued by the company itself.

But it's fun, the rest of it.The shares were sold by the company's existing shareholders.

The key here is "Financial Flow". The Anthropic White Paper writes:The company will not receive any profits from the 23.64 million shares sold by existing shareholders.

You know, friends, I'm sure you've got your heart set on it.

The sale of this part of the stock is essentially a "partial settlement" by early investors, executives, or core teams on the eve of the IPO.

After all, it took three years of hard work and hard work to get out of the IPO, but these tens of millions of shares are finally paid for by second-tier shareholders.

Secondly, in order to prevent the opening of the first day's shares「Crossing the mountain」Anthropic also left a handful of eggs.「Green shoe mechanism」。

They plan to give the contractors of Goldman Sachs and Morgan Stanley, the two top Wall Street brokers, an option of 30 days to allow them to make as many additional purchases as necessary.One hundred and twenty-three-five million shares。

This is the equivalent of buying a huge amount of insurance, whether it's bankruptcy or insanity.

And finally, the price range.——$70 to $78.

The gap is extremely subtle, and it's obviously the appetite of management and investment to test the market.

It requires both large expenses to support the company and space to make investors "profitable".

It's a psychological war.

Of course, when it comes to an IPO, everyone's most concerned about it.Valuation。

Anthropic's rating this time is "Two Days of Ice and Fire".

According to the 13.1 billion shares in circulation of shares disclosed in its filing documents, based on the price range of $70 to $78,Anthropic's underlying valuation will be between $917 billion and $102 trillion.

If all options and non-performing stock rewards are counted,This figure is expected to rise to between $1.12 trillion and $1.24 trillion!

This is the world's largest IPO, a commercial miracle recorded in history.

However, this is not the case.That's a million.It's a bit of a "bitter" appraisal.

It's really "bitter".

Here, Wall Street's big pie for Anthropic is $2 trillion! Even in the early reports, the market's reasonable valuation limit is expected to be $1.5 trillion.

From the expected $2 trillion to the final landing of $1.12 trillion, it's almost "loose".

If 825 million shares were publicly traded to the general public, another $26 billion in private equity divestitures disclosed in the auction books would be the "Division Congress" of tech owners.

All based on IPO prices, according to updated SEC documents from Anthropic, the top seven tech and chip giants in the world have pre-locked the $26 billion in Class A common stock.

• Google: $10 billion

• Invidia: $10 billion

• AMD: $25 billion

• It's been a while since I've been able to talk to you.

• It's worth $1.0 billion.

• Microsoft: $10 billion

• TSMC: $500 million in electricity

Where the investment is, it's moving half of the Silicon Valley and half of the global semiconductor industry chain!

The first was Google and Invisalign, both of which topped the list, earning $10 billion each.

In the second place are AMD, Bottom, AML, and the "hardware giants" who want to buy a boat ticket, up and down the entire AI computing industry chain.

OpenAI's parent company, Microsoft, also played a role in hedging risks.

And before the show, there was a show called Catching the Horse.

An internal email received by Reuters showed that on Monday night, a representative of Anthropic sent a confidential securities file to the major banks.

The documents show that the company plans to sell about 867 million shares at a price of $70 to $80 per share (including 843.3 million shares sold by the company itself and 23.3 million by the former shareholders), with a maximum capital increase of $69.3 million.

When the e-mail came out, the whole Wall Street exploded. Everyone was counting on how the market would turn out.

However, a dramatic scene occurred.

Shortly afterwards, Anthropic's representative sent a second email: "In the documents that have just been sent, the pricing details are inaccurate, please ignore them, we will update the documents later".

It wasn't until the final official document was released that it was discovered that the initial mail had not only increased the number of shares, but that the price cap had also increased.

Perhaps, at the last minute, the parties are still playing hard.

Why can't Anthropic wait to launch an IPO at this time?

The answer is math.

The company's shares were disclosed.Anthropic has signed almost $90 billion in commitments to computing resources with partners including Amazon and Google!

This is a hidden debt iceberg.

The cruelest truth about the Grand Prix is that it's a roller coaster.It's a black hole of heavy assets that devours electricity and chips.

Anthropic's rapid growth is heavily dependent on future computational expansion.

The providers of these algorithms -- Amazon and Google -- are also investors in Anthropic, distribution partners, and competitors who can turn their faces at any time.

The world's first-class market has become a monster.

Silicon Valley's investments don't fill tens of billions of dollars' worth of calculating black holes every year, even when they're all gone. Stopping to buy and replace stagnates; stopping to replace and replace hundreds of billions of dollars.

Anthropic, there's no turning back, just sticking to the scalp.

At the same time, another storm hit the outskirts of New York's headquarters.

Today, activists have directly blocked the doors of Anthropic's New York headquarters.Stop the IPO of Anthropic.

They believe that this wealth-making movement is jeopardizing savings, jobs and the survival of ordinary people.

"The AI bubble is destroying our lives".

This anger is not an empty arrow.

Some financial critics point out that according to Anthropic's current financial indicators and the enormous uncertainty, it should not be allowed an IPO at all.

At its core is the "Holy Social Covenant".——If the public has to take the risks of technology, it has to share prosperity, not just pay for it.

In the past, large tech companies' IPOs have often been accompanied by mature business models and clear profit expectations.

But Anthropic's IPO is very different.

A flood of false information, massive unemployment, and pressure on the public grid are huge risks that society as a whole is taking on.

Now, through its IPO, Anthropic is trying to transfer the high costs and risks to secondary-market retailers.

If it succeeds, it will create a new generation of super-rich people; if the bubble breaks, countless ordinary people will pay.

Now, AI warfare has entered the big escape phase.

Is this IPO going to create the next Microsoft/Apple, or is it going to be a firecracker before the AI bubble bursts?