部分Anthropic PBC的支持者正在向新投资者出售部分IPO配售股份，此次公开上市有望成为有史以来规模最大的公开上市。
Some Anthropic PBC backers are offering a portion of their IPO allocation to new investors in the run-up to the largest public listing on record.
JonesTrading Institutional Services LLC正代表预计将获得大量配售的投资者，推销一笔最高达5亿美元的Anthropic股票区块。该发行的推销费用为IPO定价之上的3%至5%。
JonesTrading Institutional Services LLC is marketing a block of Anthropic shares of up to $500 million on behalf of investors that are anticipating sizable allocations on the deal. The offering is being pitched with a fee of 3% to 5% on top of where the initial public offering prices.
此类交易可能让投资机构在试图扩大自身投资者基础的同时，对冲部分发行头寸的风险。JonesTrading私人市场主管Jon Jefferies拒绝就任何具体的Anthropic交易发表评论，但表示此类交易将在市场上大量涌现。
Such deals could allow investment firms to de-risk a portion of their position in the offering while trying to broaden their own investor base. Jon Jefferies, head of private markets at JonesTrading, declined to comment on any specific Anthropic transactions, but said these types of deals are going to proliferate in the market.
“此类交易对市场来说非常新，”Jefferies表示。“我们第一次看到它们是在SpaceX IPO期间，起初我们持怀疑态度，但许多交易都顺利完成，没有任何问题。”“我们对精明机构投资者的兴趣程度感到惊讶。”Jefferies表示，市场上正在流传许多与Anthropic相关的此类交易。
“These types of transactions are very new to the marketplace,” Jefferies said. “The first time we saw them was with the SpaceX IPO and we were skeptical at first but many of them cleared without any issues.”“We have been surprised at the level of interest from savvy institutional investors.”There are many such deals tied to Anthropic that are being floated in the market, Jefferies said.
投资者一直在追逐最有价值初创公司的备受青睐的IPO前股份，催生了一批持有股份并将其转售给小投资者的中介产业。现在这种动态正在IPO股份配售阶段上演，一些资金雄厚的投资者购买大量股票，并以价格出售获取股份的机会。
Investors have been chasing exposure to coveted pre-IPO shares in the most valuable startups, fueling a cottage industry of those with stakes syndicating them out to smaller investors. Now that dynamic is playing out at the IPO share allocation stage, with some deep-pocketed investors buying large amounts of stock and parceling out access, for a price.
知情人士表示，这些股份不受任何禁止内部人士出售的锁定期协议约束，但买家需要经过卖方和参与IPO工作的银行双方批准。
The shares won’t be subject to any lock-up agreement preventing insiders from selling, though buyers will be subject to approval by both the sellers and a bank working on the IPO, according to the people familiar with the deal structure.
另外，另一名卖家正在以1.4万亿至1.6万亿美元的估值出售超过10亿美元的现有股票，并附加一项费用。这些股票作为所谓的特殊目的载体的一部分出售，这是一些上市前股东用来出售其在目标公司股权敞口的包装工具。知情人士表示，该SPV只有一层，意味着该载体直接持有股票。Anthropic的一位发言人未能立即回应置评请求。
Separately, another seller is offering more than $1 billion of existing stock at a $1.4 trillion to $1.6 trillion valuation, with an additional fee tied to it. The shares are offered as part of a so-called special purpose vehicle, a wrapper that some pre-IPO shareholders use to sell exposure to their stakes in a target company. The SPV has a single layer, the people said, meaning the vehicle owns the stock directly. A spokesperson for Anthropic couldn’t immediately respond to a request for comment.
Anthropic在其IPO中寻求约1.4万亿美元的全面稀释估值。这家Claude聊天机器人制造商及其部分支持者计划在IPO和私人配售中筹集高达904亿美元。合计来看，这些发行规模将超过SpaceX的750亿美元基础交易，成为有史以来最大的上市。
Anthropic is seeking a fully diluted valuation of about $1.4 trillion in its IPO. The Claude chatbot maker and some of its backers are seeking to raise as much as $90.4 billion in the IPO and a private placement. Taken together, the offerings would be bigger than SpaceX’s $75 billion base deal, making it the biggest listing of all time.
在IPO中，公司和主承销商决定哪些投资者在最终发行价获得股份分配，大部分通常分配给机构买家。卖家通常优先考虑能够承购大量股票、且其策略侧重于中长期买入并持有上市公司股权、支持股价而非快速获利的投资者。
In an IPO, the company and the lead banks determine which investors are allocated shares at the final offer price, with the majority typically going to institutional buyers. Sellers often give preference to investors that can take large amounts of stock, and whose strategies focus on buying and holding stakes in public companies over the medium-to-long term, supporting the share price rather than taking a quick profit.