Anthropic launches its roadshow today. Escalating an already intense atmosphere, a mystery has erupted over the IPO figures. The nearly $70 billion offering, cited in documents circulating among participating banks, was allegedly based on inaccurate data. Dario Amodei’s company reportedly withdrew the pricing information just as its stock market debut—expected in less than ten days—approaches.
The Mystery of the Data
Data released in recent hours suggested an IPO of around $70 billion (calculated on the offering and not on the company’s overall valuation, obviously). Anthropic subsequently stated that the pricing information was inaccurate, so we will necessarily have to wait for updates to understand where things stand.
There is great confusion under heaven, and the situation is not necessarily—as Mao would have said—excellent.
The figures indicated 867 million total shares at an indicative price between $70 and $80, at least according to reports by Reuters.
End of the Quiet Period: Anthropic Can Begin Marketing
The mandatory quiet period following the filing of the Form S-1 has come to an end. As of today, Tuesday, November 10, Anthropic can begin marketing operations. What is known as the roadshow gets underway.
Starting today, Anthropic and the underwriting banks will meet with hedge funds, institutional investors, banks, pension funds, and major asset managers to present the offering and gather expressions of interest. In other words, they are doing the rounds to determine who is interested, at what price, and for what quantities. This data is of critical importance to establish a useful pricing trajectory for the investment banks placing the stock.
Banks involved: primarily Goldman Sachs and Morgan Stanley.
