Who Stands to Gain From an Anthropic I.P.O.

ImageAndrew here.We’ve got a breakdown of Anthropic’s 335-page I.P.O.

filing, covering the biggest winners (and losers), the Wall Street banks eyeing immense fees and whether this mega-listing will stimulate the broader market or create a liquidity overhang.One major standout? Spark Capital.It is poised to turn its approximately $777 million in investments made since 2023 into a staggering $10.9 billion if Anthropic achieves a $1.5 trillion valuation, according to PitchBook.

More below.The Anthropic effect The positive vibes around Anthropic’s I.P.O.filing continue to lift markets.

U.S.stock futures are gaining on Tuesday even as investors refocus on the huge spending needed to finance the artificial intelligence boom.The release of the chatbot maker’s highly anticipated S-1 helped prompt a rebound in tech stocks on Monday.

The prospectus laid out the promises, challenges and risks of commercializing cutting-edge A.I., with some eye-popping numbers.That said, it left out key details.Analysts and bettors on Polymarket, the prediction market, are left to speculate on whether Anthropic will hit a $2 trillion valuation, a number that Wall Street and Silicon Valley have been buzzing about for months.Who stands to gain? That’s a bit clearer now as the company and its bankers target the week of Nov.

16 for the I.P.O., The Wall Street Journal reports, citing unnamed sources.The most likely winners include:Early investors such as Eric Schmidt, Google’s former C.E.O.; Jaan Tallinn, a founder of Skype; and Sam Bankman-Fried, the disgraced crypto entrepreneur.

Amazon, Google, GIC (Singapore’s sovereign wealth fund), as well as the venture capital firms Spark Capital, LightSpeed Venture Partners and Sequoia Capital, are also big backers.Chipmakers and neoclouds — the firms that rent computing power to A.I.companies.

Investors on Monday drove up shares of these companies after Anthropic’s S-1 listed about $807 billion worth of deals for computing power an...