Anthropic, the developer of the Claude AI, has withdrawn pricing details for its anticipated stock market debut. The company informed bankers that figures previously provided were inaccurate, according to reports.
A securities filing circulated on Monday outlined plans to sell around 867 million shares at a price between $70 and $80 per share. This initial filing suggested Anthropic aimed to raise up to $69.3bn (£53bn).
However, Anthropic quickly issued a second email, stating that the pricing information was incorrect and that an updated filing would follow. The company did not specify which figures were inaccurate and declined to comment.
The original filing also indicated $26bn in investment commitments from major technology companies, including Google, Nvidia, Microsoft, AMD, Broadcom, Micron, and TSMC, for a private placement alongside the IPO.
This reversal occurs as Anthropic prepares to market its shares to investors, with pricing expected next week. The company faces valuation pressure following a recent $2.5 trillion sell-off in technology stocks on the Nasdaq, driven by concerns over AI spending and valuations. While Anthropic was previously expected to seek a valuation of around $1.5 trillion, some investors have advocated for a lower figure.
Lawrence Mills, an analyst at Trade Nation, commented that the "$1.5 trillion valuation seems toppy and maybe needs to be adjusted lower to attract potential investors." Morningstar has estimated Anthropic's fair value at approximately $1.7 trillion, with forecasts ranging from $500bn to $3 trillion, depending on the pace of AI adoption. Achieving its most optimistic valuation would require annual revenue growth exceeding 60 per cent over the next five years.
Anthropic reported nearly $17bn in revenue for the September quarter, though its sequential growth slowed, and it returned to an operating loss. The company has also disclosed almost $900bn in future computing commitments.