IPO Pipeline Held Back by Anthropic Listing, Says NYSE’s Martin

Anthropic’s highly anticipated megalisting has been looming over the broader initial public offering market, holding back other companies gearing up for debuts, Lynn Martin, president of the New York Stock Exchange Group, said at The Information’s WTF Summit on Wednesday.

The pipeline for potential new listings is “really strong,” Martin said, but it “has been held back by the Anthropic S-1 having to flip public.” Anthropic publicly filed its IPO paperwork on Monday for a planned listing on NYSE rival Nasdaq. The filing didn’t disclose how much Anthropic is aiming to raise, but previous reports put that figure as high as $100 billion.

Martin said there is “a limited amount of attention a portfolio manager is going to devote at one given time,” and given the size of Anthropic’s offering it makes sense for other companies to wait for it to go first. That includes Nscale, which filed publicly last month for a NYSE-listed IPO but hasn’t moved forward yet, a move Martin said was “really good” and “healthy.”