Anthropic targets up to $69.3 billion in IPO as marketing nears

Anthropic aims to raise up to $69.3 billion in an initial public offering, with marketing expected to begin as soon as early Tuesday, November 10. Pricing and the Nasdaq debut are expected before the US Thanksgiving holiday.

What happened

Anthropic first sent banks the details of the offering, then retracted them. An email described the sale of about 867 million shares at an indicative range of $70 to $80 each. A follow-up email said those pricing details were incorrect.

The company told banks it will update the figures, and an updated filing is to follow. A live stream with chief executive Dario Amodei and JPMorgan CEO Jamie Dimon is planned as part of the marketing effort for the offering.

Other deal news came from Australia and India. AVID matched the $1.6 billion offer from Warburg Pincus for Australia's Ingenia Communities. In India, Mahanadi Coalfields, a Coal India subsidiary, is preparing a potential $1 billion IPO that could value it at up to $10 billion. Sebi clearance has been secured and investor meetings are underway.

On the earnings side, UniCredit reported before the market opened on Monday EPS of 2.21 EUR against an estimate of 1.9 EUR. Revenue was 6.99 billion EUR against an estimate of 6.42 billion EUR.

Why it matters

The Anthropic offering is described as potentially record-breaking, and it comes as investors show nerves around artificial intelligence and an investigation into Nvidia. The company, which makes the Claude assistant, is moving ahead despite that backdrop.

Jim Cramer, a television commentator, said the IPO could be crucial to a recovery in AI stocks. He argued that a disappointing offering could have ripple effects across the industry. That is his view, not a market outcome.

The retracted terms add uncertainty about the final size and price of the deal until the new filing appears. The Mahanadi plan would add another large issue in India, where the offering could rank among the biggest public issues. For investors, these deals show how the market is pricing large new issuers and how much capital it is ready to commit to them.

What to watch next

The first marker is the updated Anthropic filing with corrected figures for share count and price range. The start of formal marketing, expected as soon as early Tuesday, and the planned live stream with Amodei and Dimon follow. Pricing and the Nasdaq debut are due before Thanksgiving.

In India, the next steps for Mahanadi Coalfields depend on the investor meetings now underway. In Australia, attention turns to how Ingenia Communities responds to the matched $1.6 billion offer from AVID.