The initial public offering of artificial intelligence company Anthropic, seen as the biggest event in global equity markets in the second half of this year, may not be completed until just days before the U.S. midterm elections in November.
Reuters reported on the 4th, citing multiple sources, that Anthropic had originally planned to make its IPO prospectus public early next week but has pushed that back to late September.
As a result, Anthropic is expected to begin IPO marketing as early as mid-October and complete the listing process only days ahead of the midterm elections on Nov. 3.
The timetable could still change, the sources added.
As part of the listing process, Anthropic is arranging a $15 billion revolving credit facility, and once the terms are finalized, analysts at the banks plan to meet with Anthropic management.
Such analyst meetings are typically followed by a gap of several weeks before a prospectus is released, but some observers say the schedule could be compressed in Anthropic's case because analysts already have a firm grasp of the company.
Anthropic formalized its listing plans in June by filing confidential documents with the U.S. Securities and Exchange Commission, and investors expect its valuation to reach $2 trillion after the listing. That would exceed SpaceX, one reason some analysts say the offering could draw investment money from around the world.
Anthropic's annualized revenue topped $65 billion as of July, far ahead of rival OpenAI's $40 billion. In the second quarter, it posted its first profit since its founding on an adjusted operating basis.
The company has also presented investors with a forecast that revenue could reach as much as $200 billion in 2028.
If Anthropic completes its listing as planned, it will reach the public market ahead of OpenAI, which is targeting an IPO next year, putting it in position to seize the initiative in the market.
Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are the underwriters on the IPO, Reuters said, though the banks declined to comment on its queries.
