Anthropic's Listing Countdown: Amodei Taps JPMorgan's Dimon for Livestream Appearance as Fundraising Eyes $69.3 Billion
Anthropic, the AI startup, is getting closer to its planned stock market listing. The company may begin its roadshow for large investors as early as Tuesday. It also plans to hold a livestream conversation between its co-founder and CEO, Dario Amodei, and Jamie Dimon, chairman and CEO of JPMorgan Chase. The event is meant to build interest in a listing that could set a new record for U.S. IPOs.
The conversation is expected to happen around lunchtime in New York on Friday. The plan is similar to the promotional event Elon Musk took part in before SpaceX's June listing. However, Anthropic's event is expected to be much smaller and less publicized. Neither Anthropic nor JPMorgan commented on the plans.
People familiar with the matter said Anthropic wants to set its share price before the Thanksgiving holiday. Its shares could begin trading on the Nasdaq under the symbol "ANT" as early as next Thursday or Friday. However, the IPO has already faced a problem. An updated prospectus sent to the banks managing the offering said Anthropic planned to sell about 867 million shares at $70 to $80 each. At the highest price, this would raise about $69.36 billion (around NT$2.3 trillion). But the document was quickly withdrawn after it was sent out. The company said some of the information was wrong but did not explain whether the mistake involved the number of shares, the price range, or the total amount it planned to raise.
Because of this, people outside the company cannot tell what valuation Anthropic is actually aiming for. Its original goal was to match or beat the $86.2 billion (around NT$2.8 trillion) record set by SpaceX through its IPO and additional share sales combined. But AI stocks have recently fallen. As a result, the valuation potential investors are discussing has dropped from nearly $2 trillion in early October to between $1.1 trillion and $1.3 trillion.
Goldman Sachs has won the most important role in the group of banks managing the IPO. It will serve as the lead-left bookrunner. Morgan Stanley will help support the share price after the listing. These roles have already been disclosed in documents filed with the U.S. Securities and Exchange Commission (SEC). JPMorgan is one of 22 banks working on the offering. Its main job is to promote the shares and distribute them to retail investors in the United States. Citigroup is coordinating sales to retail investors in other countries, including the United Kingdom, parts of Europe, Canada, Japan, and Australia.
Anthropic is also considering offering 15% to 20% of its shares to retail investors. Large technology companies sometimes give individual investors a bigger share of an IPO to encourage more people to take part. However, this also means the company's share price after listing will receive closer attention.
Dimon's decision to appear personally shows how close the relationship between JPMorgan and Anthropic has become. In a post on its website on Monday, Anthropic said JPMorgan had expanded its use of Claude Code, Anthropic's coding tool. The bank first used it in its software engineering teams but has now brought it into more business departments. Its use is no longer limited to engineers. The livestream will therefore help build interest in the IPO while also showing how Anthropic's products are being used by businesses.
Choosing the right valuation has become the biggest challenge for the banks managing the IPO. Michael Alfaro, chief investment officer at Gallo Partners, believes Anthropic should be valued between $1.3 trillion and $1.4 trillion to attract strong investor demand and build a high-quality order book. David Rainville, a technology portfolio manager at Sycomore Asset Management, believes a price that values the company at around $1.2 trillion should be able to attract investors without much difficulty.
Max Kettner, HSBC's chief multi-asset strategist, takes a much more cautious view. He believes Anthropic should be valued at less than $1 trillion. His concern is not just whether the IPO can be completed successfully, but also whether the shares can keep their value after trading begins. "What matters more is secondary market performance," he said. "If we see a SpaceX-like situation—where investors buy in the secondary market, the stock briefly spikes, then quickly falls back—that would be the outcome least welcome in the current market environment."
Anthropic's expected growth is a major part of the case for its high valuation. According to the updated prospectus, the company's revenue reached $33.24 billion (around NT$1.1 trillion) in the nine months ending September 30. That was about 1,200% higher than in the same period a year earlier. This strong growth is the main evidence Anthropic is using to show investors that its products can make money on a large scale. The company is also continuing to develop new products. On Monday, it released two models at the same time: Claude Fable 5.2 and Claude Mythos 5.2. Both offer speeds up to 30% faster than the previous generation, and their prices have been reduced. Claude Fable 5.2 is designed for coding, reasoning, and AI agent tasks. Claude Mythos 5.2 is available to approved research organizations working in cybersecurity and life sciences.
The main dates in Anthropic's IPO plan are as follows:
| Timing | Event |
|---|---|
| Early October | Market expectations for its valuation peaked near $2 trillion |
| October | After the company's financial briefing, investor feedback pointed to about $1.4 trillion to $1.5 trillion |
| Around November 6 | The Nasdaq 100 fell 6.4% in a single day; some potential investors marked down to $1.2 trillion to $1.3 trillion |
| November 9 | Updated prospectus surfaced, then urgently withdrawn |
| November 10 | Formal roadshow launched |
| November 13 | Amodei and Dimon livestream conversation |
| Next Thursday or Friday | Target pricing and Nasdaq listing under ticker ANT |
Note: The schedule could change depending on market conditions. The company has not ruled out delaying the listing if market conditions get worse.
For investors, the livestream could help show that Anthropic has strong technology, growing business sales, and important partnerships with financial companies. But the IPO's success will ultimately depend on whether its share price matches what investors are willing to pay in the current market. AI company valuations are being reassessed across the market. Anthropic must find a balance between raising a large amount of money and making sure its shares do not suffer sharp price swings after the listing. This will be a difficult challenge.