Deep Dive: Anthropic S-1 Myths and Mythos — Jamin Ball, Altimeter (opens youtube.com)
Altimeter's Jamin Ball walks through the roadshow, the Thanksgiving window and what investors would need to believe about Claude.
Context: The range of $70 to $78 per share implies up to $1.404T fully diluted; SiliconANGLE puts the fundraising goal at $64B.
From TechCrunch: The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis.
Altimeter's Jamin Ball walks through the roadshow, the Thanksgiving window and what investors would need to believe about Claude.
Anthropic has filed for an IPO; the filing shows soaring revenue, mounting losses, major enterprise adoption and an unusual governance structure designed to preserve founder control and its safety mission.
Tunguz reads the S-1 as $4.6B of revenue growing 11.9-fold, a derived 40% gross margin, $974M of operating profit in Q2 and $637B of compute commitments.
Sources: Anthropic's bankers are weighing plans to raise its IPO price following heavy demand, which could increase the valuation target to $1.5T or more — Claude maker's listing price expected to rise after strong demand from investors — Anthropic's bankers are weighing plans to increase …
S-1: Nvidia plans to invest ~$10B in Anthropic after its IPO, or ~10% of the total new cash Anthropic is expected to raise in November, including in its IPO — Nvidia planned to invest $10 billion in Anthropic alongside its initial public offering, the largest of the new financial commitments from…
Reuters saw emails to bankers with details of the IPO filing that Anthropic sent and then retracted; TechCrunch says the valuation range is expected this week.