CNBC Senior Banking & Finance Correspondent https://teapaw.org/t.co/zFrCI92DJh
New York via Kansas
Joined November 2009
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A bit of Anthropic roadshow color, according to people familiar with the matter
- Expected to price next Wednesday, begin trading on Thursday (Nasdaq-listed)
- I’m told they’re already covered from institutional investors at the $70-$78/SH range on an allocable basis (meaning, extracting over-inflated orders). So, they’re already technically oversubscribed
- They’re estimating that about 20% of the offering will go to retail
- I’m told the institutional demand is even stronger than SpaceX at this point in the process (although SpaceX was raising more from the public markets because they didn’t have the cornerstone component)
$ANT
Anthropic IPO:
At high end ($78/SH), the offering size would be $64.4B, plus a $26 billion strategic private placement, and if they raise an additional 15% through the greenshoe ($9.7B), it equates to exactly $100 billion
$ANT
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Using a fully diluted share count of about 18 billion shares, Anthropic is seeking a valuation of $1.4 trillion, at the high end of the range ($1.3 trillion at the low end)
On a pro-forma basis, I’m told Anthropic is expected to have $210 billion net cash after the offering
So, if you want to assess the enterprise value, it would be around $1.2 trillion at the high end (although, some might say they’re burning cash fast enough that enterprise value = equity value, FWIW)
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This is true. Additionally, I've been told Anthropic will include Q3 numbers in an amended filing before going public.
Another Anthropic S-1 myth - “They must be hiding something by not putting Q3 numbers in the S-1!”
Q3 not in this draft of the S-1 is completely normal. The quarter closed less than 30 days ago. Takes time for fully audited financials to be ready for the S-1. And for everyone saying “but didn’t they have an investor day where financials were discussed?!” Sure - and I bet those were unaudited and preliminary.
Go back and look at any tech company who went public within 30 days of the prior quarter ending. I seriously doubt they had that quarters financials in the first draft of the S-1. No one is hiding numbers, they’re just getting through audits. New listers generally take more time
Nothing is being hidden. Cerebras went public in May (Q1 quarter ended in March) without Q1 financials (most recent quarter in final S-1 was the quarter ending December). Figma final S-1 was 7/31/25. The most recent quarter, Q2, ended June 30th. Q2 wasn’t in the S-1. Again, this is normal…
One of my favorite events! Looking forward to it @CNBC
The CNBC Investing Club Annual Meeting is right around the corner! @jimcramer will host the third annual meeting on November 6, where Club members will enjoy a full day filled investing discussions and networking. Find out how to become a Club member so you can gain virtual access to this event and other Club member benefits here: bit.ly/4jH2Edz
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Leslie Picker retweeted
CNBC's Leslie Picker says Anthropic could soon have more cash than almost any other U.S. company
"A whopping $112.4 billion in cash, plus another 19 billion in short-term investments"
"More than Meta, more than Microsoft, Nvidia, or even Amazon"
"If Anthropic were to raise, say, a hundred billion in its IPO, it would surpass Apple's cash as well"
The S-1 also shows $587B in compute commitments plus another $245B in new deals, and she reports Q3 revenue topped the entire first half $META $MSFT $NVDA $AMZN $AAPL
A six-year-old company is about to out-cash Big Tech
via @SquawkCNBC, featuring @LesliePicker
If Anthropic's cash is king, compute may be the biggest claim on the crown. 👑
Anthropic disclosed $132 billion in cash on the balance sheet as of June 30. That's bigger that Microsoft, Nvidia and Amazon. And the company could raise another $100 billion more through the IPO, which would rank Anthropic among the most cash-rich in America.
However, future compute commitments could cause that cash to dwindle fast.
Our $ANT piece on @SquawkCNBC this morning:
cnb.cx/3U3XXAe
"One risk: The banks don’t plan to sell any bonds to fund managers until later next year when the chips are delivered, people familiar with the matter said. If interest rates rise sharply in the interim, the banks could have to sell the debt at a loss because they have promised to cap the interest rate of the loans."
Scoop: Broadcom's CEO, Hock Tan, intervened at the 11th hour to wrap up a record-breaking $63 billion deal for Anthropic to lease chips used to power the AI lab's models. Some banks were getting ready to walk from the mega-deal, but Tan promised them to pay them more. The deal was announced hours after Anthropic's S-1, and shows how crucial intermediaries like Broadcom are to unlock the billions Anthropic and other AI companies need. w/@anissagardizy8 & @wildberrycaters
wsj.com/finance/broadcom-ceo…
"Underpromise and overdeliver" - perhaps why Anthropic didn't disclose a "TAM" in its IPO prospectus
h/t @carlquintanilla
Leslie Picker retweeted
New Anthropic IPO reporting with the🐐@LesliePicker:
Anthropic to disclose new revenue numbers as AI lab financials become central to tech trade 💸
Anthropic plans to disclose its Q3 financials for the first time at a meeting with potential investors on Wednesday as the AI giant giant prepares for what could be the largest initial public offering in history @CNBC cnbc.com/2026/10/13/anthropi…
When I was a kid, my dad bought a few shares of stock for my sister and me in companies that had our name in them (I got "Leslie Fay Corp." and my sister, Meredith, got "Meredith Corp."). The point was to teach us about the stock market and we'd check the prices on a regular basis.
Then, Leslie Fay went bankrupt in 1993, which was an early blow, but a good lesson to do due diligence beyond the name of the company before owning it.
Today is another reminder that the "Leslie" name just may not be made for the public markets...
wsj.com/pro/bankruptcy/lesli…
Leslie Picker retweeted
Last week, CEO Bruce Flatt sat down with Leslie Picker of CNBC to discuss global market themes ahead of Brookfield's 2026 Investor Day.
Watch the interview: brkfld.co/99n2wpjo
He's BACK
h/t @davidfaber
Leopold Aschenbrenner's Situational Awareness is active in options market, sources say cnbc.com/2026/09/11/leopold-…
This quote from JPMorgan's David Kelly on Treasury Secretary Scott Bessent's plan to buy back more longer-term bonds to (try to) bring yields down:
'If the government says it’s going to raise taxes and cut spending to bring the deficit down, that’s one thing,” Kelly added. “Saying you found another credit card that you haven’t maxed out in your stack of 20 doesn’t actually inspire confidence.'"
wsj.com/finance/investing/th…
In the first six months of 2026, SB Energy generated:
Revenue: $139 million
Net Loss: $3.2 billion
It's reportedly seeking a $50 billion+ valuation in the IPO
This risk factor from SB Energy, the data center developer, which filed its IPO prospectus this morning and is backed by SoftBank, Nvidia and OpenAI:
"We have limited operating history in data centers with none currently operational, are substantially dependent on OpenAI, and face challenges in personnel, labor and business management."
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This risk factor from SB Energy, the data center developer, which filed its IPO prospectus this morning and is backed by SoftBank, Nvidia and OpenAI:
"We have limited operating history in data centers with none currently operational, are substantially dependent on OpenAI, and face challenges in personnel, labor and business management."
From the new weekly market memo by @michaelsantoli:
"It’s a ripe summer in the American economy, and the AC thermostat hangs in the hottest room in the house, the kitchen, where the sun streams in and the oven is always set to broil.
The thermostat in this case is the bond market, working to offset the blistering demand for debt from governments and companies by raising borrowing costs to multiyear highs. The kitchen is the AI-buildout sector, desperate to turn some $2 trillion into vast reserves of computing capacity by the end of next year.
The lift in bond yields isn’t having much effect in moderating the pace of capital-raising and corporate investment. But it could threaten to overcool other parts of the economy, such as housing and Main Street spending."
link.cnbc.com/public/4716537…
"The industry — and the entire economy — face a brutal reckoning if the political tone doesn't change, quickly."
“.. the latest governor to sharply change course on the AI data center boom he once enthusiastically courted ..”
@axios #Texas
axios.com/2026/08/23/greg-ab…
GS Prime Brokerage:
"Hedge fund returns, leverage, and crowding all surged in Q2, but July witnessed one of the sharpest deleveraging episodes of the past decade.
GS Prime Services estimates now show hedge funds carrying net and gross leverage that rank below 12-month averages but remain elevated relative to the last few years"
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