MSX US Stock Daily Watch: Anthropic Announces Proposed IPO Price, Seven Tech Companies Including Nvidia and Google to Subscribe $26 Billion
- Key Takeaways: Anthropic has submitted an updated prospectus for a proposed Nasdaq listing. The IPO, together with a massive private placement subscription from industry players, is expected to raise approximately $84.6 billion in total, but rising compute costs have pushed the adjusted profit margin down from 19% to 15%.
- Key Elements:
- Plans to offer 825 million Class A common shares at $70 to $78 per share under the ticker ANT, with total public offering proceeds of approximately $57.75 billion to $64.35 billion.
- Google and Nvidia will each subscribe $10 billion, AMD $2.5 billion, Broadcom, Micron, and Microsoft $1 billion each, and TSMC $500 million, totaling $26 billion in non-voting Class N shares.
- Third-quarter revenue was approximately $17 billion, exceeding the combined total of the first half; GAAP operating results swung from profit to a loss of $567 million, while adjusted operating profit was approximately $2.5 billion.
- Annualized revenue run rate at the end of October was approximately $81 billion, an increase of about $10 billion from the end of September.
- Compute and infrastructure costs rose from approximately $5.6 billion in the second quarter to approximately $9.9 billion in the third quarter, with revenue per dollar of cost falling from $2.08 to $1.72.
- Contractual payments over the next 12 months are approximately $70.7 billion, some of which are subject to preconditions or termination rights.
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Today's Observation
Anthropic, the parent company of Claude, has disclosed specific offering terms for its IPO plan. On November 10, the company submitted an updated prospectus to the U.S. Securities and Exchange Commission, planning to publicly offer 825 million shares of Class A common stock at $70 to $78 per share, with plans to list on Nasdaq under the ticker ANT. Based on the upper end of the range, the total public offering is approximately $64.35 billion, including proceeds from the sale of shares by some existing shareholders.
In addition to the public offering, Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and a TSMC subsidiary have signed subscription agreements totaling $26 billion. The seven subscribers will purchase non-voting Class N common stock at the final IPO price, with private placement closing subject to conditions including the completion of the IPO. Based on the midpoint of the range at $74 per share, and assuming the underwriters do not exercise their over-allotment option, Anthropic expects the two transactions combined to bring the company approximately $84.6 billion in net proceeds.
Operating data also explains the context of this financing. Anthropic's third-quarter revenue was approximately $17 billion, already exceeding the combined total of the first half in a single quarter, but its GAAP operating result swung from a profit of $974 million in the second quarter to a loss of $567 million. Adjusted operating income rose to approximately $2.5 billion over the same period, yet the margin declined from 19% to 15%. The company primarily attributed the decline in adjusted operating margin to higher-cost short-term compute procurement.
Data in a Minute
Public offering: Plans to offer 825 million shares, of which approximately 801 million shares are issued by the company and approximately 23.65 million shares are sold by existing shareholders. Based on the proposed offering price, the total offering is approximately $57.75 billion to $64.35 billion, excluding the over-allotment option.
Private placement subscriptions: Google and NVIDIA $10 billion each, AMD $2.5 billion, Broadcom, Micron, and Microsoft $1 billion each, and the TSMC subsidiary $500 million.
Third-quarter revenue: Approximately $17 billion, compared with approximately $1.4 billion in the same period last year and approximately $11.6 billion in the second quarter.
Annualized revenue run rate at the end of October: Approximately $81 billion, an increase of approximately $10 billion from the end of September. This operating metric is calculated based on usage charges over the most recent 28 days and the monthly subscription fees at that time.
MSX View
This subscription puts chip supply, cloud services, and equity financing into the same transaction. Google's $10 billion comes from an existing financing arrangement, and AMD's $2.5 billion will also offset part of the previously agreed equity commitments tied to GPU delivery and deployment. For the industry chain, the subscription agreements clarify the funding arrangements, but the related commercial returns still depend on whether chips can be delivered on schedule, whether compute capacity can be put into use, and how much compute Claude customers will continue to consume.
The cost changes in the third quarter provide a concrete reference. Anthropic's compute and infrastructure costs rose from approximately $5.6 billion in the second quarter to approximately $9.9 billion in the third quarter, which included approximately $5 billion in short-term committed compute. Based on the company's disclosed methodology, for every $1 invested in compute and infrastructure costs, the corresponding current-period revenue fell from $2.08 to $1.72. Short-term procurement can help the company meet customer demand faster, but if long-term capacity delivery cannot keep pace, revenue growth may continue to be accompanied by margin volatility.
The prospectus estimates that over the 12 months starting at the end of September, the company will pay approximately $70.7 billion in contractual obligations, some of which remain subject to preconditions or termination rights. The IPO and private placement can increase Anthropic's financial cushion and give the company time to wait for lower-cost long-term compute to come online. After listing, the most noteworthy things to track are whether revenue per dollar of compute cost can recover after this batch of capacity is delivered, and whether revenue growth can gradually translate into stable operating profit and cash flow.
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Risk Disclosure: Macroeconomic conditions and the US stock market are highly volatile. The content of this article is for academic and research observation reference by the MSX Research Institute only and does not constitute any investment advice.
