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Anthropic IPO Seeks $1.4 Trillion Valuation in AI TestTechnology
Anthropic has priced its Nasdaq debut at $70–$78 a share to raise up to $64.4 billion — a listing testing whether Wall Street still believes in the AI boom.
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Anthropic, the artificial intelligence company behind the Claude chatbot, has set the price range for its long-awaited stock market debut at $70 to $78 a share, a listing that could value the company at up to $1.4 trillion and raise as much as $64.4 billion. The updated prospectus, filed with the US Securities and Exchange Commission on Tuesday, turns the offering into the defining test of whether Wall Street still believes in the AI boom.
The company plans to sell 825 million shares in the initial public offering. At the top of the price range, Anthropic would be worth about $1.4 trillion on a fully diluted basis, counting stock options and unvested shares. Without those securities, its market value would be closer to $1 trillion. A separate $26 billion private placement will see cornerstone investors including Google, Nvidia and Advanced Micro Devices buy shares alongside the public offering, taking the total raised to as much as $90.4 billion.
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The range is lower than many investors had expected only a few months ago, when a valuation of as much as $2 trillion was discussed. Expectations have cooled as investors focus on the enormous cost of building and running advanced AI systems: Anthropic has nearly $900 billion in computing commitments with partners including Amazon and Google. “What we are seeing is essentially a reassessment of Anthropic’s value in a more challenging AI environment,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told Reuters. “The company continues to post impressive growth, but investors are increasingly focused on the cost of generating that growth.”
Anthropic’s financial growth remains extraordinary. Its run-rate revenue reached roughly $81 billion at the end of October, up $10 billion in a single month, according to the filing. Revenue in the third quarter rose 47 percent from the previous quarter to $16.96 billion, while revenue for the first nine months of the year totalled $33.2 billion, against $2.5 billion a year earlier. The company was last valued at $965 billion in a private funding round in May.
The listing comes at a nervous moment for AI stocks. The Nasdaq recorded its deepest one-day fall in 19 months last Thursday, wiping trillions of dollars from market values as investors questioned whether the huge spending on data centres will ever pay off. Rival OpenAI recently raised $11 billion at a $1.25 trillion valuation, below the $1.5 trillion it had first sought, and is now seeking a further $30 billion before a possible listing of its own early next year.
Anthropic’s shares are expected to trade on the Nasdaq under the ticker symbol “ANT”, with pricing expected on November 18 and trading to begin around November 19. Goldman Sachs and Morgan Stanley are leading the banks underwriting the offering. Founded in 2021 by researchers who left OpenAI after disagreements over governance and AI safety, the company is led by chief executive Dario Amodei. Its own filing is strikingly candid about the risks, warning that its models have in the past behaved, and may in future behave, in unintended or misaligned ways. Yet the prospectus also speaks of a vision to “bring forth an age of miracles”. Whether investors buy that vision at a $1.4 trillion price will say a great deal about the future of the AI boom.
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