Source: Anthropic has selected the Nasdaq for its potential IPO, following SpaceX's record Nasdaq debut in June, as the AI lab targets an October listing

The Nasdaq gains a marquee AI IPO, solidifying its appeal to tech giants over the NYSE.

Artificial intelligence company Anthropic has reportedly chosen the Nasdaq stock exchange for its potential initial public offering (IPO), with a target listing in October. This decision follows SpaceX's high-profile IPO on the Nasdaq in June. Nasdaq is seeking to establish itself as the primary exchange for major technology and AI company listings, competing with the New York Stock Exchange, which has historically secured many large IPOs. While SpaceX's valuation was $1.75 trillion, Anthropic's is still being finalized but has been estimated at up to $2 trillion. The move comes as OpenAI's CEO has stated the company will not go public currently, citing concerns about existential AI risks, a topic recently highlighted by a former Anthropic employee's warning about extinction.

The selection of Nasdaq by Anthropic, potentially valued at $2 trillion, signals a shift in major tech IPOs favoring the exchange over the NYSE, especially for AI companies. Nasdaq's aggressive pursuit and acquisition of high-profile listings like SpaceX and now Anthropic aim to position it as the premier destination for future technology debuts. This competition for significant IPOs is intensified by a recent drought in tech listings, making these wins particularly valuable for the exchanges in attracting future tech giants and demonstrating their infrastructure's capability to handle massive debuts.

Anthropic's IPO proceeds despite OpenAI's reluctance to go public due to existential AI risks. This divergence highlights differing strategic approaches within the AI sector regarding market access and risk perception. The exchange choice itself has minimal impact on post-IPO performance, though Nasdaq's market-maker mechanics and historical technical glitches, like during Facebook's IPO, could introduce volatility on day one. Anthropic must now navigate the regulatory and financial disclosure process, with its IPO filing and financials to be made public ahead of its investor roadshow.