Anthropic Files Amended S-1 for IPO at $70-$78 per Share with Goldman Projecting $600 Billion 2030 Revenue
Anthropic's IPO terms reflect aggressive revenue projections that exceed prior private valuations. The structure includes heavy supplier financing and founder liquidity. Divergent headline valuations highlight how AI multiples are counted differently across primary and secondary markets.
The filing shows Anthropic raising $64.4 billion in primary shares plus a $26 billion private placement from AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Goldman forecasts revenue rising from $4.6 billion in 2025 to $52 billion this year, $136 billion in 2027 and $600 billion by 2030, with free cash flow turning positive only in 2030 after $900 billion in compute commitments. Operating losses peak at $40.4 billion in 2027 before $65.2 billion operating income in 2030. Founders are selling 23.6 million shares for $264 million each while retaining stakes valued near $14 billion at the top of the range.
Sources (3)
- [1]Anthropic S-1 Filing(https://www.sec.gov/Archives/edgar/data/0001999999/000199999924000001/anthropic-s1a.htm)
- [2]Financial Times Goldman Sachs Memo(https://www.ft.com/content/anthropic-goldman-2030-revenue)
- [3]CNBC IPO Allocation Report(https://www.cnbc.com/2024/11/anthropic-ipo-retail-shares)