Anthropic Plans to File Prospectus After US Labor Day, Launch IPO as Soon as Late September

TradingKey - AI startup Anthropic is accelerating its IPO preparations and plans to publish its prospectus after U.S. Labor Day on September 7, with a potential U.S. market debut in late September or early October, according to a report by The Information.

People familiar with the matter said the company is expected to hold an investor event in mid-September to communicate further with potential investors and research institutions, although the final listing timeline remains subject to adjustment based on market conditions.

Anthropic confidentially filed for an IPO earlier this year. As AI companies continue to be sought after by capital markets, the company is seeking to capitalize on current market enthusiasm to complete its listing, with a target valuation reportedly between $1.5 trillion and $2 trillion. If listed at this valuation, Anthropic could become one of the world's largest IPOs, with fundraising size potentially exceeding that of SpaceX, which went public in June this year.

The IPO may also take a different approach from previous major tech companies regarding share arrangements.

According to reports, Anthropic is considering allowing certain existing shareholders to sell shares directly during the IPO process, enabling early investors to partially exit via a secondary share transaction. It remains unclear what the exact ratio between newly issued shares and existing shares for sale will be, nor is it certain which shareholders will ultimately be able to participate.

To avoid a large volume of shares flooding the market simultaneously post-listing, Anthropic is also exploring extending the lockup period for certain shareholders, potentially beyond the typical 180 days. This arrangement could help alleviate investor concerns over lockup expiration waves and share price selloff pressure.

In August this year, after the expiration of the first lockup period for SpaceX shares, the number of circulating shares in the market increased significantly, impacting its stock price performance. Anthropic clearly hopes to proactively address similar liquidity issues during the IPO stage.

In addition, Anthropic had considered requiring regular employees to sell shares through pre-established Rule 10b5-1 trading plans rather than trading through traditional open windows following earnings releases, reflecting the company's stricter planning regarding post-listing share supply.

Notably, a U.S. federal court recently ruled that the U.S. Department of Defense's previous move to blacklist Anthropic was unlawful. With this hurdle removed, Anthropic's scope for future collaboration with U.S. government and defense sector clients may expand, potentially adding new growth expectations ahead of its IPO.