Anthropic, an artificial intelligence (AI) corporations, is expected to delay its initial public offering (IPO) timeline by about a month from the original plan. With the prospectus now pushed to late September, the actual listing process is increasingly likely to wrap up on Nov. 3, just before the U.S. midterm elections.
On the 4th (local time), Reuters reported, citing multiple sources, that Anthropic has delayed the release of its IPO prospectus—which had been slated for early next week—to late September.
Accordingly, Anthropic is expected to begin IPO marketing as early as mid-October. The listing process appears likely to conclude between late October and early November. If it proceeds as scheduled, the company will debut on the New York Stock Exchange just days before the midterm elections.
However, the specific timeline could change. Alongside its listing preparations, Anthropic is also coordinating a $15 billion (about 20 trillion won) revolving credit facility.
Once the credit line terms are finalized, research analysts from the underwriters are set to meet with Anthropic's management. Typically, it takes several weeks after this meeting to publish the prospectus, but in Anthropic's case, there is speculation the timeline could be shortened because analysts already have a solid grasp of the company's situation.
Anthropic began preparing for its IPO by submitting confidential filings to the U.S. Securities and Exchange Commission (SEC) in June. The market expects the post-listing valuation could reach as high as $2 trillion (about 2,700 trillion won).
Growth supporting those valuation expectations has continued. As of July, Anthropic's annualized revenue is reported to have surpassed $65 billion (about 92 trillion won). That tops rival OpenAI's annualized revenue of $40 billion.
Profitability has also improved. In the second quarter of this year, Anthropic posted its first-ever profit on an adjusted operating income basis. The company has also told investors that revenue in 2028 could reach as high as $200 billion.
If the listing is completed within the year, Anthropic will enter the public market ahead of rival OpenAI. OpenAI is planning its IPO for next year, leading to speculation that Anthropic's listing could influence the battle for market leadership among AI corporations.
Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are reported to be among the IPO underwriters. The banks did not respond to Reuters' requests for comment.