NVIDIA (NVDA.US) management changes may affect Anthropic's IPO plans; the market is watching whether the multi-billion-dollar investment will change

According to Zhitong Finance APP, with Nvidia (NVDA.US) CEO Jensen Huang's sudden departure, artificial intelligence (AI) giant Anthropic’s record-breaking initial public offering (IPO) plans are now undergoing renewed market scrutiny. The close ties between the two companies in capital investment and AI chip supply mean that Nvidia's recent management changes may impact Anthropic’s upcoming large-scale fundraising.

According to Anthropic’s IPO filing, Nvidia has agreed to subscribe for approximately $10 billion worth of shares in a $26 billion private placement taking place concurrently with the IPO. As the developer of the Claude chatbot, Anthropic regards Nvidia as a strategic partner and has committed to investing tens of billions of dollars to secure access to Nvidia’s most advanced AI chips.

Anthropic plans to raise up to $90.4 billion through its IPO and concurrent private placement next week, aiming for a fully diluted valuation of approximately $1.4 trillion. Investors are closely watching to see whether Nvidia’s management changes will further dampen sentiment toward AI sector investments and bring uncertainty to Anthropic’s listing plans.

Bloomberg Industry Research analyst Mandeep Singh noted in a research report that the change in Nvidia’s leadership could prompt its board to re-evaluate the scale, timing, and strategic significance of its investment in Anthropic. He stated that a delay or reduction in related investments from Nvidia may undermine market confidence in Anthropic’s ability to list at an estimated $1.4 trillion valuation. However, the investment commitments from Google and other strategic investors are likely to limit the impact of this change on Anthropic’s actual fundraising scale.

Notably, Anthropic has been working in recent years to diversify its sources of AI computing power to reduce dependence on a single chip supplier. At present, the company primarily uses chips from Nvidia, AMD (AMD.US), Google under Alphabet (GOOGL.US), and Amazon (AMZN.US). Both Amazon and Google are Anthropic’s existing investors. AMD and Google have also agreed to participate in the private placement, subscribing for approximately $2.5 billion and $10 billion in shares, respectively.

Despite the uncertainty brought by Nvidia’s management shakeup, Anthropic's IPO continues to see robust investor demand. According to informed sources, subscription orders for Anthropic’s IPO have reached several times the number of shares available for sale.

Matt Maley, chief market strategist at Miller Tabak & Co., said that for now, Anthropic’s listing still appears to be proceeding smoothly. The latest news about Nvidia and its share price decline has yet to show any significant impact on Anthropic’s IPO.

Maley noted that circumstances may change in the future, but the current market roadshow for Anthropic’s IPO is progressing very well. If the company’s stock performs well for a few days or even weeks after listing, investors may gradually move past the negative sentiment caused by the changes in Nvidia’s management team.

Meanwhile, Anthropic’s latest disclosed financial data has also bolstered confidence in the AI investment outlook. According to the company's IPO filing submitted Tuesday, as of October 31, Anthropic’s annualized revenue had reached $81 billion, up $10 billion from the end of September. Previously, the media reported that as of the end of July, the company’s annualized revenue was $65 billion. This means Anthropic’s annualized revenue increased by $16 billion in just three months—a nearly 25% jump—indicating rapidly growing demand for its AI products and services.

However, the annualized revenue disclosed by Anthropic is not actual yearly revenue, but a metric calculated by annualizing the company’s usage-based revenue and monthly subscription income over the past 28 days, mainly used to gauge the current revenue growth rate.

InvestorPlace chief technology analyst Luke Lango stated that Anthropic’s S-1 registration filing shows the company has effectively diversified its supply risks through a multi-pronged AI accelerator procurement strategy, preventing it from becoming overly dependent on Nvidia.

According to the IPO filing, Goldman Sachs and Morgan Stanley will serve as lead underwriters for Anthropic’s IPO, with an additional 20 banks participating in the underwriting process. The company’s stock is expected to begin trading on November 19 on the Nasdaq Global Select Market under the symbol “ANT.”

As one of the world’s most closely watched AI companies, Anthropic’s IPO is not only an important test of its own growth prospects and valuation, but also a key indicator of capital market enthusiasm for AI industry investments. With management changes at Nvidia introducing new uncertainty for the industry, whether Anthropic can complete its fundraising smoothly and maintain strong performance post-listing will be closely watched by Wall Street.