Stocktwits
Nov 15, 5:31 PM
$ANT IPO Preview 🚀/⚠️ courtesy of the Stocktwits MCP
📅 Details
• Prices Wed 11/18, trades Thu 11/19 on Nasdaq
• 825M shares at
$70–
$78 →
$1.3T–
$1.45T valuation
• Lead underwriters: Goldman Sachs and Morgan Stanley
• ~20% retail allocation target (well above normal)
• 7 compute suppliers buying
$26B of non-voting stock at the IPO price
📈 Bull case
• 9-month 2026 revenue:
$33.2B (up 13x)
• Q3 revenue:
$17.0B (up 1,127% YoY)
• Operating cash flow: +
$6.6B over 9 months
• Order book reportedly covered at the range
📉 Bear case
•
$104B net loss over 9 months (~
$94B is non-cash fair-value changes)
• Top 5 customers = ~25% of revenue
• ~
$895B in compute/infrastructure commitments
• Phased lock-ups: insiders can sell day one, more unlock at 27/48/62/76 days
• Filing warns the Pentagon dispute could cause material revenue losses
• Valuation came down from ~
$2T talk after the AI selloff
🧪 Big test for the AI trade ahead of OpenAI's expected IPO
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