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SOL Anthropic targets a valuation of US$1.5 trillion to US$2 trillion and may set a record IPO fundraising scale
Anthropic plans to seek a valuation of US$1.5 trillion to US$2 trillion in its listing, which will raise more than US$86 billion, more than all initial public offerings in history.
Key Points:
Anthropic plans to allow early investors and employees to sell shares directly on the first day of listing. The prospectus is expected to be released after Labor Day, and the issuance target is set for late September or early October. The company is discussing extending the lock-up period beyond the standard 180 days to spread subsequent selling pressure.
Anthropic IPO structure differs from SpaceX model
It is reported that Claude developers are designing a secondary share that would allow existing shareholders to sell shares along with new shares. These shareholders will receive cash at the issue price. The arrangement also helps companies allocate quotas to buyers they want to hold on to for the long term. SpaceX took the traditional path in June, pricing 555.55 million new shares at $135 per share. Underwriters held options for an additional 83.3 million shares, raising the underlying deal of $75 billion to a record $85.7 billion, and none of the shares came from existing shareholders.
Lock-in clause and AI rebound affect investor decisions
The lock-up period prohibits insiders from selling shares for a period of time after listing. The company is considering implementing a clause exceeding the standard 180 days for at least some existing shareholders. A sale in a trade allows a buyer to obtain shares at a known price and on a known date, without such a buffer when the lock-up period expires. The precedent occurred only three weeks ago when SpaceX's approximately 911.5 million shares were lifted on August 6, more than doubling the company's freely traded portion. Analysts warned at the time that shares were eligible for sale did not mean that all shares would enter the market.
The prospectus is also expected to list public hostility towards AI as a formal risk factor. A survey released in May showed that 70% of Americans opposed building new AI data centers near their communities. Any slowdown in construction will have an impact, as Anthropic pledged this week to invest approximately $45 billion to lease computing capacity at Nscale's West Virginia campus.
Solana traders have priced Anthropic exposures
The cryptocurrency market has been quoting the same exposure for months, and tokenized Anthropic and OpenAI pre-IPO interests are traded on Solana. One platform accounts for 78% of the trading volume on the three tracking platforms, but these token holders do not enjoy ownership, voting rights or dividends.
The company has reached this stage at an alarming rate. It completed a $65 billion financing in May, valued it at $965 billion, and subsequently filed secret documents with regulators in June. As of the end of July, its annualized revenue operating rate has exceeded US$65 billion, compared with approximately US$9 billion at the end of 2025.
