Anthropic has selected the Nasdaq for its potential IPO, according to a person familiar with their plans.
The company, which has been targeting an October listing, has given Nasdaq another big win, according to a person familiar with the matter. Nasdaq secured the coveted SpaceX listing earlier this year. SpaceX was valued at $1.75 trillion, and some estimates have put Anthropic at $2 trillion, though that figure has not yet been finalized.
The record-setting size of these IPOs, combined with the dearth in tech listings in recent years, has made winning this competition particularly valuable. Both hope to be seen as the home for future AI IPOs.
Anthropic is preparing to IPO at a time when OpenAI CEO Sam Altman says that it wouldn’t go public right now amid the controversy surrounding existential threats from AI. That risk gained more attention last week after a viral tweet from a former Anthropic employee, warning of a greater than 10% human extinction risk.
Historically, the New York Stock Exchange has won many of the largest listings, so this year has shown a marked shift. Nasdaq has been consistently strong in tech IPOs, with listings on its exchange a prerequisite for inclusion in the Nasdaq 100 Index.
In terms of how Anthropic ultimately trades, this decision likely matters little. There isn’t a definitive answer on whether companies perform better on one exchange versus another.
One key difference between the exchanges concerns market-maker mechanics. They have different processes for determining the opening price on the first day of trading, and high-volume IPOs can cause delays and confusion. Nasdaq experienced technical issues on the first day of Facebook’s 2012 IPO.
Anthropic’s IPO filing has not yet been made public, but the company will need to release its financials at least 15 days before it begins its investor road show.
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