Anthropic's IPO roadshow can start as early as Tuesday, Bloomberg says, as buyers talk $1.1 to $1.3 trillion

Anthropic can begin formally marketing its IPO as early as Tuesday, November 10, Bloomberg reported at 14:20 UTC on November 9. Formal marketing is the roadshow, where a company and its banks pitch the shares to investors and take orders. Anthropic has not announced a start date.

WHY TUESDAY

Anthropic made its S-1 public on October 26 after months of confidential review. SEC staff policy says a company that used confidential review must file publicly at least 15 days before any roadshow. Fifteen days after October 26 is November 10.

WHAT IS REPORTED

• Bloomberg, November 9 (Anthony Hughes and Pablo Mayo Cerqueiro): last week's swings in AI stocks briefly sent the Cboe Volatility Index above 25, a level at which companies typically postpone IPOs, according to Matt Kennedy of Renaissance Capital. He said the size of Anthropic's IPO and its investment case may put it in a different category from the average listing.
• Bloomberg, November 6, citing people familiar with the matter: potential buyers are discussing a valuation of about $1.2 trillion to $1.3 trillion, and some are weighing as low as $1.1 trillion.
• That is below the roughly $1.5 trillion Reuters reported investors were weighing on November 2, which was itself down from about $2 trillion.
• Bloomberg has also reported that Anthropic is aiming for an offering as big as SpaceX's record debut, or bigger.

WHAT THE SEC RECORD SHOWS

• At 15:52 UTC on November 9, Anthropic's latest filing on SEC EDGAR is still the amended S-1 of November 2. Nothing has been filed since.
• That amendment leaves the price range and the share count blank. Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT.

WHAT WE DO NOT KNOW

Whether the roadshow really starts on Tuesday, the price range, how many shares are sold and the first day of trading. Companies usually file the price range in an amended S-1 when the roadshow starts, so the next filing on EDGAR is the one to watch. We will update this story when it appears.