SAN FRANCISCO: Anthropic is reportedly preparing for a November initial public offering (IPO) that could value the artificial intelligence company at $2 trillion, following a sharp increase in revenue to $16.8 billion in the September quarter, according to reports citing information shared with investors.
The San Francisco-based AI lab is barrelling towards a highly anticipated IPO, where it is expected to seek a $2 trillion valuation, surpassing SpaceX's record-setting $1.8 trillion valuation when it debuted in June. Anthropic is reportedly aiming to hold its IPO in November, after the US elections.
The company held a private meeting on Wednesday with investors at its headquarters in San Francisco, according to the Financial Times and Bloomberg. An investor presentation included updates about the company's finances, which were calculated on an adjusted basis - a method commonly used by companies that excludes certain costs.
Anthropic told investors it was free cash flow positive and had an 11 per cent operating margin, both adjusted, in the third quarter. However, the company also recorded a net loss of $42 billion last year and believes it is targeting a $30 trillion market.
Its annualised revenue reached $65 billion earlier this year, a figure which could reach $100 billion by the end of 2026, according to the New York Times. That eclipses its main rival, OpenAI, whose annualised revenue is $50 billion, Axios reported last week.
While annualised revenue figures attempt to project a company's future revenue based on sales, the two companies use different methods to calculate the figures, making direct comparisons difficult. Anthropic develops AI models and products under its flagship product, Claude.
OpenAI likewise makes the popular AI chatbot, ChatGPT, and has pushed its own IPO out until 2027. Market analysts note that the artificial intelligence sector continues to attract unprecedented capital inflows despite regulatory scrutiny and macroeconomic headwinds.
Further announcements regarding the exact dates and underwriters for the upcoming public offering are expected in the coming weeks as financial preparations finalize.