Anthropic sets a $1.4 trillion IPO target, but bankers may already be aiming higher

Anthropic, the company behind the AI chatbot Claude, has set its proposed IPO valuation at around $1.4 trillion, though strong investor interest may push the valuation higher. In its amended SEC filing, Anthropic plans to offer 825 million shares at a price between $70 and $78 each, with the top of the range valued at approximately $64.35 billion.

Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC Partners have pledged to purchase a combined $26 billion in nonvoting Class N common stock following the IPO. This brings the total potential valuation to as much as $90.4 billion. Previously, reports estimated Anthropic's potential valuation at $2 trillion. The company's bankers are considering pricing shares above the filed range, which could increase the valuation to $1.5 trillion or more.

The IPO, which will be listed on the Nasdaq under the symbol ANT, is expected to price on November 18. Anthropic's CFO, Krishna Rao, who joined the company in 2024, will not be selling any shares in the IPO. The deal's success will hinge on whether Anthropic's second-quarter operating profit or third-quarter loss reflects its true growth rate.

Analyst Dan Ives of Yorkville Ives & Co. suggests that a more conservative valuation could help Anthropic have a successful market debut.