Among the technology public offerings planned for the remainder of the year in the US, only Anthropic's IPO remains active. The artificial intelligence laboratory continues preparations for its initial public offering, which is scheduled for the middle of next month. Earlier, at the end of October, the company made its prospectus available to the public, but sources familiar with the situation warn that plans and dates may change.
One informed source reported that the marketing of Anthropic's shares will likely begin in the week starting November 9, later than the initial plan. Initially, it was expected that Anthropic would start promoting its IPO in mid-October and list shortly before the US midterm elections in November.
Testing Anthropic's Market Position
This IPO will test whether Anthropic's position at the center of the rapidly developing AI business can overcome market trends that typically prompt bankers and lawyers to recommend a delay. Some investors believe the company's position could justify a valuation of up to $1.5 trillion.
Other companies in the AI infrastructure and data center sectors have postponed their listings. Rising interest rates have contributed to a sharp decline in the value of stocks and bonds of AI operators such as CoreWeave, and broader questions about the sustainability of AI spending have arisen. This contrast highlights Anthropic's appeal to investors despite concerns related to competition from open-source models and AI safety issues.
Despite recent turbulence, many large investors remain optimistic about Anthropic's prospects, viewing the company as one of the few ways to access technology that long-term investors cannot ignore. Two sources noted that other issuers are reluctant to compete with Anthropic for the attention and capital of institutional investors. Anthropic declined to comment.
Pressure on Valuations
The pullback in the AI sector followed a series of IPO delays and withdrawals since September, as market volatility and rising interest rates made it difficult for companies to achieve attractive valuations. Data center operator Switch and AI infrastructure provider Nscale have moved their IPO plans to the end of the current year, according to informed sources, who stressed that these plans remain flexible.
Nscale's delay is partly due to the need to address comments from U.S. Securities and Exchange Commission staff. Additionally, SB Energy, backed by SoftBank, has also postponed its offering, as previously reported by Reuters. Nscale declined to comment, and Switch did not immediately respond to requests for comment.
Reuters reported that AirTrunk REIT, a real estate investment trust backed by Blackstone, and Firmus, backed by Nvidia, have withdrawn or suspended their offerings. The recent IPO of smart watch maker Oura added to the caution; this offering attracted little participation from long-term investors, raising concerns about the depth of demand from institutional investors, who usually provide a stable shareholder base for newly listed companies.
The decrease in listings in the AI infrastructure space reflects growing scrutiny over the massive capital required to build data centers and whether future demand will justify these investments. Recent events concerning CoreWeave have heightened concerns about slowing AI spending, although some market participants do not expect this. Reuters previously reported that Nscale publicly filed for an IPO registration in September, while Switch filed confidentially. A confidential filing allows a company to work with regulators on the registration statement before disclosing financial and business information to the public. Companies usually publish this registration before a roadshow, when they begin promoting shares to potential investors.