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(Sharecast News) - Anthropic is seeking a valuation of up to $1.4trn when it debuts on Wall Street, it was confirmed on Tuesday, as the company behind the Claude chatbot kickstarted its investor roadshow.
According to its prospectus, which was filed with the US Securities and Exchange Commission on Tuesday, the artificial intelligence behemoth is looking to raise up to $64.4bn by selling 825m shares in an initial public offering priced at between $70 and $78 per share. It will also seek to raise a total of $26bn in a private pricing from chip suppliers including Nvida, AMD and Broadcom.
Anthropic was valued at around $965bn at its last private fundraising in May. However, its intended valuation is below that of SpaceX's record listing earlier this year, and below some investor expectations. Elon Musk's satellite-to-AI conglomerate achieved a valuation of $1.78trn when it debuted in June, raising a total of $86bn.
Loss-making Anthropic posted revenues of $33.2bn in the nine months to December end, an extraordinary 1,200% jump on the previous year. But net losses widened to $104bn, although much of that was due to a change in the fair value of convertible notes and derivative liabilities.
The market debut will test appetite for AI stocks. Demand for the new technology has seen global stock markets soar in recent years, but investor appetite has become less sure in recent months, first on fears a bubble was forming and then most recently after the Democrats swept the board in the US midterm elections. A number of Democrats successfully argued against the rapid, market-led expansion of AI and data centres in particular on the campaign trail.
Anthropic said: "We believe AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major disease within reach and solve problems that have resisted generations of human effort.
"Anthropic aims to realise these benefits while navigating and preventing the risks that come with a technological revolution this fast and this powerful."
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "What we are seeing is essentially a reassessment of Anthropic's value in a more challenging AI environment. The company continues to post impressive growth, but investors are increasingly focused on the cost of generating that growth."
After meeting with investors this week, the listing is due to complete before the end of the month.