Antropic, which developed the artificial intelligence (AI) service “Claude,” is seeking to list on t..

Submission of Nasdaq Listing Report
The size and price of the public offering still undecided
Investment burden despite the surge in sales
The verification of growth and profitability
The public offering stock cannot be submitted as of now

Antropic, which developed the artificial intelligence (AI) service “Claude,” is seeking to list on the U.S. stock market with the goal of an enterprise value of up to $2 trillion. A representative AI company that has grown in the unlisted market is being evaluated by investors in the open market. The market believes that the IPO will be a critical test for the Generative AI industry‘s corporate value and investment demand.

According to the industry on the 1st, Antropic submitted a securities report (S-1) for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC) on the 26th (local time). It plans to list under the stock code ‘ANT’ on the Nasdaq Global Select Market. The number of shares and the scope of the offering price have not yet been determined. The main organizers are Goldman Sachs and Morgan Stanley.

Antropics Co-Founder Shares 50.1%

Foreign media are talking about the possibility of listing next month. The estimated corporate value is between $1.5 trillion and $2 trillion. In particular, Antropic’s unique governance structure is attracting attention. Unlike SpaceX, where decision-making authority is concentrated on one Elon Musk, seven co-founders exercise management rights together.

Antropics was co-founded by Dario Amodei, CEO, Dario Amodei, his sister, President Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Ola. They left OpenAI in 2021 and set up Antropics. Currently, the total stake of the seven co-founders is 50.1%. While it can maintain a management stance that values long-term technology development and safety, there are also concerns that the influence of general shareholders may be limited.

The biggest strength that Antropics will put forward is the pace of sales growth. According to the securities report, Antropics recorded sales of $16.3 billion (about 21.645 trillion won) in the first half of this year. This is nearly 14 times higher than $1.2 billion in the same period last year. This is the result of the rapid increase in the use of corporate AI services and coding tools.

The investment burden is as heavy as the growth rate. Net loss in the first half of this year was $80.74 billion (about 107.2 trillion won), reflecting about $72.4 billion in non-cash expenses on books due to changes in the value of convertible bonds (CB) and derivatives issued during the existing financing process. Excluding such one-time book valuation losses, the adjusted operating profit was $1.618 billion (about 2.1 trillion won), the first time since its foundation that it succeeded in turning into a half-year operating profit surplus.

Antropic pointed out the dangers of highly developed AI, saying, “If such systems are misused, replicated, weaponized, or operated with a high level of autonomy, they could pose a catastrophic or threat to humanity.”

The IPO is expected to serve as an opportunity to check whether AI companies’ growth expectations lead to actual investment demand. Antropics is seeking to go public at a time when some infrastructure companies are delaying listing due to concerns about interest rates, market volatility and sustainability of AI investment, Reuters said.

Domestic investors are unlikely to secure shares of Antropic’s pre-listed public offering.

According to the financial investment industry, a total of 22 financial companies, including Goldman Sachs and Morgan Stanley, were listed as underwriters in the securities report (S-1) submitted by Antropics to the U.S. Securities and Exchange Commission (SEC). However, not a single domestic brokerage firm was included.

Securities firms are reluctant to participate as Mirae Asset Securities, which pushed for a subscription for SpaceX shares in May, has not been allocated its supplies in the end, and controversy over AI companies’ high valuation has overlapped.

So far, it has been confirmed that there have been no reports or reports from domestic securities companies filed with the Financial Supervisory Service regarding the acquisition of Antropic IPOs.

In order for domestic investors to subscribe to Antropic public offering shares, domestic securities companies must participate by receiving the amount of public offering secured through local acquisitions in the U.S. In a situation where it is virtually impossible for domestic individual investors to subscribe to public offering shares, the realistic investment path that Seo Hak- ants can take will be compressed to △ utilizing exchange-traded funds (ETF) △ indirect investment in unlisted shares and listed companies with old shares △ direct purchase on the first day of listing.