Anthropic’s $2 trillion IPO puts powerful external trustees in spotlight
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Madhumita Murgia, Financial Times
Anthropic is preparing for a landmark $2 trillion IPO, supported by an unconventional governance structure involving a Long-Term Benefit Trust. Simultaneously, AI infrastructure provider Nscale is seeking $3.5 billion in pre-IPO funding following a major partnership with the Claude maker.
The $2 Trillion AI Milestone: Anthropic’s Market Debut
Anthropic is positioning itself for a historic market entry, with projections suggesting a valuation as high as $2 trillion. This potential blockbuster IPO represents a critical juncture for the artificial intelligence sector, as the company navigates the transition from a private research-focused entity to a publicly traded titan. The delay of the IPO to mid-October, aimed at aligning with upcoming analyst meetings and securing a massive $15 billion credit facility, highlights the complex financial maneuvering required to sustain the capital-intensive nature of large-scale AI development.
Governance and the Long-Term Benefit Trust
Central to the scrutiny surrounding Anthropic’s public offering is its experimental governance structure. Unlike traditional corporations, Anthropic operates as a public benefit corporation, overseen by a Long-Term Benefit Trust (LTBT). This group of external advisers holds no equity but maintains significant influence over the board, tasked with safeguarding the mission of developing AI for the benefit of humanity. As the company prepares to enter public markets, investors must reconcile this mission-driven governance with the intense commercial pressures inherent in a $2 trillion valuation.
The Role of Infrastructure and Nscale
Supporting this massive ecosystem is the AI infrastructure sector, exemplified by the rapid rise of the British firm Nscale. Having recently entered a $45 billion deal with Anthropic, Nscale is now seeking $3.5 billion in pre-IPO financing. This includes $1.5 billion in convertible notes and $2 billion in potential financing from Nvidia, which has been a consistent investor in Nscale’s growth. Nscale’s trajectory—moving from a $155 million Series A in late 2024 to a record-breaking $1.1 billion Series B—illustrates the insatiable demand for the compute power necessary to train and deploy advanced AI models.
Strategic Financial Projections
Anthropic’s financial roadmap is as ambitious as its governance model. The company is projecting significant revenue growth, targeting $200 billion by 2028. To achieve these figures, the company is bolstering its position through a $15 billion credit facility, providing the liquidity needed to scale operations ahead of its mid-October market debut. This financial preparation is paired with a strategic shift in its relationship with the US administration, showing signs of a thaw in tensions that previously complicated the company's regulatory standing.
Implications and Market Outlook
As the company moves toward a late September prospectus release, the timing of the IPO—days before the US midterm elections—suggests a high-stakes environment for tech regulation and market sentiment. The intersection of Nscale's infrastructure expansion and Anthropic's governance-heavy IPO signals a broader trend where AI companies are not only seeking capital but are also attempting to institutionalize ethical oversight. Whether investors will fully embrace a governance model that prioritizes human benefit over pure equity control remains the defining question of this $2 trillion offering.