Arthur Hayes, co-founder of cryptocurrency derivatives exchange BitMEX and chief investment officer at crypto investment firm Maelstrom, said on November 11 that he was increasing his crypto risk exposure ahead of Anthropic's expected initial public offering.
Hayes stated that he was loading up on crypto positions ahead of the listing, while keeping individual position sizes small to medium to allow for quick exits if needed. Anthropic, the artificial intelligence company behind the Claude AI assistant, launched its IPO roadshow on November 10.
IPO Details and Partner Investment
Anthropic proposed an offering of 825 million Class A shares at an expected price of $70 to $78 per share, with the company applying to list on the Nasdaq under the symbol ANT. At that price range, the IPO could raise between $57.75 billion and $64.35 billion before underwriting discounts and expenses.
Seven technology partners committed to a conditional $26 billion private placement, agreeing to purchase nonvoting Class N shares at the IPO price. The partners include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft, and TSMC Partners, with the transaction scheduled to close immediately after the public offering.
Anthropic's Financial Performance
Financial disclosures showed Anthropic generated $33.2 billion in revenue during the first nine months of the year, with operating losses narrowing to $1.3 billion from $5.2 billion a year earlier. The company's purchase and lease commitments totaled approximately $900.9 billion, largely for computing and infrastructure, with $70.7 billion due within 12 months after September 30.
Hayes' Broader Crypto Outlook
Hayes' near-term optimism around the Anthropic listing contrasted with earlier assessments focused on monetary conditions. In October, he had outlined a longer-term forecast involving potential government intervention and money creation if financial stress among AI companies and data-center borrowers prompted a bailout, which he placed roughly 12 to 18 months away.
