Anthropic to stream IPO pitch with JPMorgan’s Dimon

Anthropic is planning a live-streamed event where CEO Dario Amodei will talk about the company's initial public offering with JPMorgan Chase CEO Jamie Dimon, Bloomberg reported, citing a person familiar with the matter. The conversation is expected around lunchtime Friday, November 13, in New York. It is part of the marketing push for what could become the largest IPO on record.bloomberg.com

According to Bloomberg's report as republished by The Economic Times, the event will be similar to, but less extravagant than, the one held with Elon Musk in June for SpaceX's $86.2 billion listing. Representatives for Anthropic and JPMorgan declined to comment.economictimes.indiatimes.com

Retail focus

JPMorgan is one of 22 banks on the deal. It is leading domestic retail marketing and share allocations, and Anthropic has considered setting aside about 15% to 20% of the offering for retail investors, Bloomberg reported. Citigroup ↗ 0.45% is coordinating international retail sales in markets including the UK, Canada, Japan and Australia. Goldman Sachs ↗ 0.41% holds the lead-left role, and Morgan Stanley ↗ 0.49% is the stabilization agent. The same report said JPMorgan has adopted Anthropic's Claude Code across the bank, beyond its software engineers.economictimes.indiatimes.com

Terms set as roadshow begins

On Tuesday, Anthropic filed an updated prospectus. It offers 825 million shares at $70 to $78 each and plans to list on the Nasdaq ↗ 0.88% under the ticker "ANT," CNBC reported. That would raise up to $64.4 billion at the top of the range. A separate $26 billion private placement with AMD Advanced Micro Devices, Inc. ↗ 0.78%, Broadcom ↗ 3.50%, Google Alphabet Inc. ↘ 0.41%, Micron ↘ 3.08%, Microsoft ↘ 1.81%, Nvidia ↘ 6.37% and TSMC Taiwan Semiconductor Manufacturing Company Limited ↗ 1.29% brings the possible total to $90.4 billion, according to Bloomberg.cnbc.com+1

The range would value Anthropic at up to $1.4 trillion on a fully diluted basis. That is well below the $2 trillion some outlets reported weeks ago, Fortune noted. The filing also shows the company's annualized revenue run rate reached about $81 billion at the end of October.fortune.com

The launch followed an awkward start. Late Monday, Anthropic sent bankers a draft showing about 867 million shares at $70 to $80, then retracted it as inaccurate, Reuters reported.charlotteobserver.com

Timeline

CNBC, citing people familiar with the plans, reported that Anthropic expects to price the offering on November 18 and start trading on November 19, according to Yahoo Finance. The offering is coming as investors pull back from AI stocks. TechCrunch said Anthropic is going ahead despite shakier markets.techcrunch.com+1