Bloomberg: Potential investors discuss Anthropic IPO valuation range of $1.2 trillion to $1.3 trillion

BlockBeats news, November 6 - According to Bloomberg citing people familiar with the matter, Anthropic plans to launch its formal IPO roadshow next week, with potential investors currently discussing a valuation range of $1.2 trillion to $1.3 trillion. Discussions are still ongoing and no final decision has been made. An Anthropic spokesperson declined to comment.

Some investors in early October had believed that Anthropic's fair valuation could reach as high as $2 trillion, but subsequently adjusted their expectations to approximately $1.4 trillion to $1.5 trillion after the company held its latest financial briefing. After the Nasdaq 100 Index fell 6.4% on Thursday of this week, wiping out approximately $2.3 trillion in market value in a single day, valuation expectations declined once again. Democrats sweeping Congress has also raised investor concerns that data center expansion pace and its impact will face stricter scrutiny.

Stephan Kemper, Chief Investment Officer of BNP Paribas' German wealth management division, believes that given the valuation downgrade in the AI sector, Anthropic's valuation may need to land near the lowest end of the previously rumored $1.5 trillion to $2 trillion range, or even 10% to 15% below that level. Michael Alfaro, Chief Investment Officer of Gallo Partners, stated before Thursday's selloff that Anthropic should set its valuation between $1.3 trillion and $1.4 trillion to build a high-quality order book.

David Rainville, technology portfolio manager at Sycomore Asset Management, said that if the valuation is set at the bottom of the range, such as $1.2 trillion, it should not be difficult to find investors. Max Kettner, Chief Multi-Asset Strategist at HSBC, believes that around $1 trillion might be a more reassuring level, helping to reduce the risk of severe volatility after listing. He emphasized that secondary market performance is more important than the "trillion-dollar IPO" headline, and he does not want to see a brief post-listing rally followed by a selloff.

The report noted that Anthropic and selling shareholders may initially launch the roadshow with a more conservative offering size and valuation target, then raise them based on initial investor feedback; another option is to postpone the listing. Alexandre Baradez, Chief Market Analyst at IG, believes that the selloff does pose some risk to the IPO, but entering the market when excessive valuations have already been digested may actually be more favorable.