The trillion-dollar IPO financing map points to the world! Anthropic (ANT.US) plans to raise up to US$3.5 billion in Japan

The Zhitong Finance App learned that Anthropic (ANT.US) plans to raise 3 billion to 3.5 billion US dollars from Japanese investors during the initial public offering (IPO) process. After this cutting-edge artificial intelligence lab officially launched its IPO marketing work, the company maintained its fund-raising goals in the Japanese market at this level.

Anthropic said in a document submitted to Japan's Ministry of Finance that the company plans to sell 38.5 million to 50 million shares to Japanese investors at an indicative price of 70 to 78 US dollars per share. Earlier this month, the company said it plans to raise up to $3.5 billion.

This offering will make Japan one of the few markets that allow investors to directly participate in this large-scale IPO (other regions include Australia, Canada, and some European countries), and will also provide much-needed support to the Japanese equity capital market.

Anthropic's offering in Japan is a so-called “public offering without listing” (public offering without listing), and is one example of a large-scale IPO using well-funded family investors in Japan to raise capital. The financial assets held by Japanese households reached 2,400 trillion yen. Such transactions have also helped Mizuho Financial Group increase its market influence as a large transaction coordinator.

According to regulatory documents, Mizuho Securities will be responsible for managing Anthropic's current offering in Japan. The document also said that Goldman Sachs Group, Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley Mitsubishi UFJ Securities, Rakuten Group, and SBI Holdings will also participate in processing investor subscription orders.

On November 10, local time, Anthropic launched an IPO roadshow. It plans to issue 825 million shares. The price range is 70 to 78 US dollars per share, and the maximum capital raised is about 64.4 billion US dollars. At the same time, the company also plans to raise approximately US$26 billion through private placement with cornerstone investors including Google, Nvidia, and AMD.

According to roadshow documents and tradable shares, Anthropic's corresponding IPO valuation limit is about 1.02 trillion US dollars; if used in a completely diluted manner, the upper valuation limit is about 1.4 trillion US dollars, which is a significant decrease from the 2 trillion US dollars once anticipated by the market this year.

Currently, Anthropic's pricing isn't fully determined. According to market sources, Anthropic underwriters are preparing to raise the IPO valuation to $1.5 trillion or more, which means that the $70-78 offering range announced by Anthropic yesterday is not the final price. Meanwhile, market sources revealed that Anthropic is currently prioritizing raising enough capital rather than maximizing the IPO valuation because the company will need large-scale investment in computing infrastructure in the future — about $451.6 billion of the $900 billion procurement and leasing commitments it has signed is expected to occur before the end of 2030.