Anthropic adds Citigroup to IPO banking team amid Wall Street competition

Anthropic added Citigroup to its IPO banking syndicate, joining Morgan Stanley and Goldman Sachs as the AI company prepares for a potential public offering. Anthropic's revenue reached $11.6 billion, surpassing competitor OpenAI's $6.7 billion. The IPO filing is set to include AI backlash as a notable risk factor, with current market pricing indicating decreased likelihood of achieving a market cap above $1.25 trillion at IPO close.

AI backlash risk factor

• ▪The inclusion of AI backlash as a risk factor in Anthropic's IPO filing might impact investor sentiment
• ▪Anthropic's IPO filing is set to include AI backlash as a notable risk factor

Market valuation expectations

• ▪Anthropic is preparing for a potentially record-breaking public offering
• ▪Current market pricing indicates a decreased likelihood of Anthropic achieving a market cap above $1.25 trillion at IPO close
• ▪Market participants are taking into account the broader implications of AI-related controversies on Anthropic's future performance
• ▪Market activity reflects concerns over AI backlash as a risk factor in Anthropic's IPO filing, suggesting potential impact on valuation expectations

IPO filing process oversight

• ▪Major underwriters are monitoring Anthropic's IPO filing process
• ▪The SEC is monitoring Anthropic's IPO filing process
• ▪Anthropic added Citigroup to Anthropic's IPO banking team

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