Anthropic Weighs Shareholder Sales In Mega-IPO, Breaking From SpaceX: Report

• The Information said it could not confirm the size of that tranche or whether sellers would include early investors, senior executives, a broader group of employees, or some mix.
• CoreWeave and Figma included existing-holder sales in recent technology IPOs but SpaceX and Cerebras did not.
• Bankers have discussed an IPO valuation of $1.5 trillion for Anthropic, just below SpaceX’s pricing-level figure, the report noted.

Anthropic is reportedly considering letting existing shareholders sell stock in its planned initial public offering, a structure that would differ from the primary-only listings completed this year by SpaceX and Cerebras Systems.

The Information reported on the plans on Thursday and added that the company is also weighing lockup periods longer than the customary 180 days for at least some holders after it lists. The plans are not final.

Secondary Sales Under Review

The offering under discussion would combine newly issued shares, which raise cash for Anthropic, with a secondary component in which current holders sell stock they already own. The Information said it could not confirm the size of that tranche or whether sellers would include early investors, senior executives, a broader group of employees, or some mix.

CoreWeave (CRWV) and Figma (FIG) included existing-holder sales in recent technology IPOs. SpaceX (SPCX) and Cerebras (CBRS) did not. Anthropic has already arranged buybacks or facilitated employee sales totaling billions of dollars while private, though those programs have been smaller than comparable arrangements at OpenAI, the report noted.

Anthropic is also considering a lockup longer than 180 days for at least some shareholders to help manage volatility after unusually steep recent growth. The company has also considered requiring ordinary employees to sell stock after the IPO only through preset trading plans, the report said.

How SpaceX Went Public

SpaceX priced its June 2026 Nasdaq offering at $135 a share. It sold 555.56 million new shares for $75 billion, then raised the total to about $85.7 billion after underwriters exercised an overallotment option. At the offer price, the company was valued at about $1.75 trillion to $1.77 trillion. Existing shareholders did not sell in the deal.

SpaceX also used a staggered lockup instead of a single 180-day release. Most pre-IPO holders became eligible to sell in stages after earnings reports and on fixed dates. Elon Musk’s stake was locked for 366 days with no early release.

Valuation And Timing

Anthropic’s private valuation rose from less than $20 billion two years ago to $965 billion in May. Bankers have discussed an IPO valuation of $1.5 trillion, just below SpaceX’s pricing-level figure, The Information reported. The New York Times has reported the offering could value the company at $2 trillion.

The IPO is expected to raise more than SpaceX’s $86 billion to fund Anthropic’s compute plans. Anthropic plans to make its prospectus public after Labor Day, hold an investor day in mid-September, and list in late September or early October, though it could delay, the report said. Major investors in Anthropic include Spark Capital, Lightspeed Venture Partners, Iconiq, Google, and Amazon.

How Did Retail Traders React?

Retail sentiment on Stocktwits for ANTHZZX was ‘bullish’ at the time of writing on Thursday. Meanwhile, retail sentiment around SPCX stock remained in ‘bearish’ territory, while CBRS remained in ‘bullish’ territory.

While SPCX currently trades at about $141, above its IPO price of $135, CBRS trades at about $187, above its IPO price of $185.

Read More: MRVL Stock Slips After-Hours Despite Raised Multi-Year Outlook — Investors Weigh Thin Q2 Beat, Lower Q3 Margin Outlook

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