Key Notes
- Anthropic plans an IPO livestream with Dario Amodei and JPMorgan CEO Jamie Dimon around lunchtime in New York on November 13, Bloomberg reports.
- JPMorgan is leading domestic retail marketing and allocations as Anthropic considers reserving 15% to 20% of the offering for individual investors.
- Potential investors are discussing a $1.1 trillion to $1.3 trillion valuation, while the public prospectus leaves price and share count blank.
Anthropic plans to put its IPO pitch on a livestream featuring co-founder and chief executive Dario Amodei and Jamie Dimon, chief executive of JPMorgan Chase (NYSE: JPM), Bloomberg reported.
The conversation is expected around lunchtime in New York on Friday, November 13, according to a person familiar with the plans. Representatives for Anthropic and JPMorgan declined to comment.
JPMorgan Leads the Retail Push
JPMorgan is handling domestic retail marketing and share allocations for the offering. Anthropic has considered reserving approximately 15% to 20% of the shares for individual investors, Bloomberg reported. That would give retail buyers a substantial role alongside the institutions being courted during the roadshow.
The broadcast would bring one of Wall Street’s most recognizable bankers into that sales effort. Dimon’s participation also connects the listing to a major customer already using Claude across its business.
The plans follow a reported November IPO timetable that could see trading begin on November 19 or 20. Those dates remain targets described by people familiar with the process, rather than a confirmed first trading day.
Valuation Talks Move Lower
Potential investors have been discussing a valuation of $1.1 trillion to $1.3 trillion, according to Bloomberg. The range reflects a less forgiving market for AI companies after last week’s selloff and remains a negotiating position, rather than an agreed IPO price.
Anthropic’s November 2 amended prospectus applies for a Nasdaq Global Select Market listing under ANT but leaves the offering price and share count blank.
Its latest quarterly results showed revenue of $16.96 billion and an operating loss of $567 million. Adjusted operating income was $2.46 billion, excluding stock-based compensation and non-cash charitable contributions.
The filing also disclosed approximately $895.4 billion in purchase and lease commitments, mostly for computing and infrastructure. Those obligations extend over many years and include conditional arrangements. They make access to capital central to Anthropic’s expansion, even as the operating business grows.
A Bank Customer Joins the Pitch
Anthropic described JPMorgan’s broader Claude rollout in a November 9 customer update. Adoption is moving beyond engineers into product development, infrastructure and operations, risk assessments and asset and wealth management.
The bank runs Claude Code within controlled environments and requires testing and approval before changes reach production, according to the update. Wider use is being phased in, with new models subject to the bank’s own review.
Dimon’s bank is helping distribute Anthropic’s shares while expanding its use of the software behind the company’s revenue.
