Abstract: Anthropic, a frontier AI model developer, has filed an amended registration statement for a Nasdaq listing. GS and MS represent the underwriters. Our previous notes included the company's business, financials, pre-IPO investors and the updates in the amended filing. In this note, we compare the company with nine listed peers on financials, unit economics and valuation.
Z.AI, MINIMAX, Alphabet Inc. Class A Common Stock, Meta Platforms, Inc. Class A Common Stock, Microsoft, Amazon.Com, Oracle, CoreWeave, Inc. Class A Common Stock, Nebius Group N.V. Class A Ordinary Shares
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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