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Market news · Nov 10, 10:02 AM ET

Anthropic's IPO filing targets up to $1.02 trillion valuation, below earlier talk

Anthropic's IPO filing, made Tuesday, targets a valuation of up to $1.02 trillion, well below the level investors had discussed earlier this year. The company plans to list on the Nasdaq under the symbol ANT, so the offering is a test of US investor appetite for AI companies at a time when concerns about AI spending are rising.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

Anthropic has set a valuation target of up to about $1.02 trillion for its initial public offering, according to its regulatory filing and Reuters' calculation from the filing's share count. Fox Business reported that the company is working with Goldman Sachs and Morgan Stanley as lead underwriters. The figure is well short of what had been discussed earlier, when some investors expected a valuation as high as $2 trillion and a listing in October.

What the filing shows

Anthropic will also raise $26 billion in a separate private placement. According to NBC News, that deal involves cornerstone investors including Alphabet's Google, Nvidia and Advanced Micro Devices.

The company was last valued at $965 billion in a private funding round.

Why the number moved

Some prospective investors had questioned whether the earlier valuation discussions were too high. NBC News reported that the concerns centered on the company's substantial infrastructure commitments and the recent volatility in AI-related stocks. Fox Business described the reduction as reflecting a reassessment of Anthropic's value, a view attributed in the Reuters coverage to an analyst who said the shift reflects a change in focus from revenue growth alone to the spending required to sustain it.

Reuters also quoted analysts who said investors are now much more focused on the costs of the AI buildout than they were over the past few years.

Anthropic's financial disclosures in the filing also included revenue. Anthropic's run-rate revenue was roughly $81 billion as of October 31, up $10 billion from September 30, according to the IPO filing.

What it means for US investors

The listing is expected to be one of the largest IPOs in recent history, and it will reach the Nasdaq. The shares are expected to trade on the Nasdaq under the ticker symbol "ANT" after the IPO closes, according to NBC News. NBC also noted that the listing would make Anthropic one of the few major companies to go public this fall as higher borrowing costs and rising bond yields weigh on the IPO market.

For investors, the deal is a gauge of demand for AI-related shares. Anthropic competes with OpenAI for business customers, and the cornerstone investors include large public technology and chip companies. The company did not say how it would allocate shares to retail buyers, and the timing of pricing and first trading was not confirmed in the reports reviewed.

AnthropicNasdaqGoldman SachsMorgan StanleyAI stocksIPO market

Sources

Written with AI assistance on Nov 10, 10:02 AM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.