{"text":[[{"start":12.22,"text":"Anthropic’s bankers are weighing plans to increase the AI group’s initial public offering price after receiving heavy demand from investors, less than a day after disclosing that it would target a $1.4tn valuation when it lists next week."}],[{"start":25.88,"text":"Bankers have indicated they expect to raise the share price above the $70-$78 range announced in a filing early on Tuesday, which could increase the valuation target to $1.5tn or more in the coming days, according to five people familiar with the matter."}],[{"start":41.08,"text":"A boost in the share price would also increase the total funds raised in the IPO beyond $100bn. Three of the company’s backers said Anthropic was now focused on raising as much as possible via the listing to support its heavy spending on computing power, rather than maximising its valuation."}],[{"start":59.08,"text":"Anthropic said on Tuesday that it planned to raise as much as $64bn in one of the biggest IPOs of all time, with the option to extend that by almost $10bn via a “greenshoe” option if the deal is oversubscribed."}],[{"start":71.62,"text":"The company also announced a private placement as part of the deal, in which strategic partners including Google, Nvidia and Microsoft will invest $26bn combined into the company at its IPO price."}],[{"start":84.08,"text":"Bankers on the deal, led by Goldman Sachs and Morgan Stanley, are expected to push ahead with a higher share price after receiving strong indications of demand as they began the roadshow on Tuesday, said the people familiar with the deal."}],[{"start":96.88,"text":"Tuesday’s filing implied a valuation range of between $1.26-1.41tn, calculated on a fully diluted basis that also accounts for employee stock options and other restricted shares."}],[{"start":109.4,"text":"The listing, expected next week, arrives at a precarious time in financial markets, days after the US midterm elections dragged down tech stocks in a $3.2tn rout that unnerved Wall Street."}],[{"start":121.04,"text":"While the market has since rebounded, the drop showed how quickly the market can turn, with leverage amplifying many investment firms’ returns and losses."}],[{"start":121.54,"text":"“A weekend is an eternity in this market,” said one major investor."}],[{"start":137.49,"text":"Anthropic’s investors have moderated their ambitions for a $2tn IPO in recent weeks as doubts about the sustainability of the AI boom have mounted."}],[{"start":141.08,"text":"The company has tried to assuage concerns about whether its revenues can keep pace with its plans to spend about $900bn on computing power and infrastructure in the coming years. Anthropic told investors its annualised revenue hit $81bn in October, and its third-quarter revenue was $17bn."}],[{"start":160.96,"text":"OpenAI, Anthropic’s chief rival, on Tuesday told investors its revenues jumped 50 per cent to $10bn in the third quarter, said a person with direct knowledge of the matter."}],[{"start":172.16,"text":"Analysts at Morningstar said $1.7tn was a “fair equity value”, but that Anthropic could be priced anywhere between $500bn and $3tn depending on the rate of adoption of its tools, reflecting the huge uncertainty about the durability of the AI boom."}],[{"start":187.76,"text":"Some investors who have secured an IPO allocation have begun offering portions of their stake to other buyers, mimicking similar deals that took place ahead of SpaceX’s debut in June."}],[{"start":198.28,"text":"One New York brokerage on Tuesday said it was selling “up to $500mn” of Anthropic’s shares on behalf of a venture capital firm. The private shares are on offer for a price 4 per cent above wherever the AI company prices its IPO, according to messages seen by the FT."}],[{"start":215.96,"text":"Another venture capital group is offering $1.25bn of shares, through a special-purpose vehicle, which can be used by pre-IPO investors to hold and sell portions of their position, at a $1.5tn valuation."}],[{"start":230,"text":"Anthropic has sought to clamp down on the use of SPVs, warning that any offers made by certain pre-IPO secondary brokers would not be recognised by the company."}],[{"start":239.44,"text":"Bloomberg first reported details of the side deals between investors. Anthropic declined to comment. Goldman Sachs declined to comment. Morgan Stanley did not immediately respond."}],[{"start":256.24,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794381422_1683.mp3"}