Anthropic Bankers Weigh Lifting IPO Valuation to $1.5 Trillion or More
The Financial Times reported that bankers on Anthropic's initial public offering are considering pricing the deal above its marketed range, which would value the Claude developer at $1.5 trillion or more. For US investors, the deal would be a major Nasdaq debut and a test of how the market values AI companies, with pricing expected on November 18.
The Financial Times reported that Anthropic's bankers are weighing a higher valuation for the offering, to $1.5 trillion or more. The FT's account, as relayed by other outlets, points to strong investor appetite for the shares. The company did not say whether it will set its final price above the range.
Where the price range stands
Bankers are now looking at a price above that band. Goldman Sachs and Morgan Stanley lead the deal.
Demand and deal size
According to the FT, first-day orders from institutional investors were enough to cover the full 825 million-share offering. The company is seeking up to $64.35 billion in the IPO—selling 801.35 million Class A shares while existing holders offer 23.65 million. Underwriters also have an option to buy additional shares.
If the private placement is included, the total would exceed the $75 billion base deal of SpaceX, which would make it the largest listing on record, according to Bloomberg.
Company priorities and valuation views
Three backers told the FT that the company is focused on raising as much money as possible through the listing to fund heavy computing costs, rather than on maximizing its valuation. The company cited $81 billion in annualized revenue for October.
Analyst views vary widely. Morningstar puts Anthropic's fair equity value at $1.7 trillion. Yet its scenarios, which hinge on how fast companies adopt Anthropic's tools, run from $500 billion to just over $3 trillion.
Why it matters for US investors
- The listing is expected on Nasdaq under the ticker ANT.
- Chipmakers and cloud providers that are investors or partners, including Nvidia, AMD, Broadcom, Micron, Microsoft and Alphabet, could see their business ties to Anthropic change as the company goes public.
- Retail investors may get a direct allocation, since up to 20% of the public offering is set aside for them.
Sources
- Anthropic Bankers Mull Raising IPO Valuation To Min. $1.5T - FT By Investing.com investing.com
- Why Anthropic Cares More About Cash Than Its $1.5 Trillion Price Tag finance.yahoo.com
- Anthropic bankers weigh raising IPO valuation to $1.5 trillion or more business-standard.com
- Anthropic IPO Bankers Prepare for Valuation of $1.5T or Higher as Orders Cover Offering huggingnews.com
- Anthropic’s bankers mull raising IPO valuation to $1.5T semafor.com
Written with AI assistance on Nov 11, 4:02 PM 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.