Anthropic IPO valuation calculator: How much is it really worth?

Anthropic, a leading AI model developer, is planning to go public with a stock market debut that could be the first of its kind, marking a significant milestone in the ongoing AI spending boom fueling the US economy. The company, known for its Claude AI models, aims to sell 825 million shares at a price range of $70 to $78 each (€62.44–€69.58), with the shares trading under the ticker ANT.

Seven prominent tech companies, including Google, Nvidia, AMD, and Microsoft, have committed to purchasing $26 billion (€23.2bn) of non-voting shares at the IPO price through a separate private placement.

Art Hogan, chief market strategist at B. Riley Wealth Management, acknowledges the IPO as another chapter in investors' concerns over the cost of AI buildout and its financing. Hogan notes that Anthropic is just one of three massive companies investors have wanted to be part of over the past three years, alongside SpaceX and OpenAI.

The IPO comes as Wall Street assesses the impact of the US midterm elections, in which Democrats gained control of both chambers of Congress, expressing a more cautious stance towards AI and promising to curb President Donald Trump's agenda.

The IPO filing reveals that Anthropic has planned to raise up to $100 billion (€89.2bn), a figure that would have made it the largest IPO on record. However, even at the top of its price range, the offering falls short of SpaceX's record $86 billion (€76.7bn) raised in its June IPO, valued at $1.77 trillion (€1.58trn). Anthropic had been expected to go public the week of November 16, with shares set to begin trading on November 19.

The IPO listing comes amid Wall Street's evaluation of the results of the US midterm elections, where Democrats won control of both chambers of Congress and vowed to put brakes on President Donald Trump's agenda. This shift has brought volatility to shares of companies associated with the AI boom, with AI chip-maker Nvidia particularly scrutinized following chief executive Jensen Huang's involvement in a spy scandal.

Nvidia's revenue reached $17 billion (€15.2bn) in the third quarter, up from $1.4 billion (€1.25bn) a year earlier. Its annualized run-rate revenue was about $81 billion (€72.3bn) as of October 31, a $10 billion (€8.9 billion) increase from the end of September.