Anthropic targets up to US$1.02 trillion valuation in landmark IPO filing

Anthropic's IPO plans to raise as much as US$64.4 billion, with a target valuation of up to US$1.02 trillion, according to a regulatory filing. The share sale, priced between US$70 and US$78 per share, is seen as a key test of investor appetite for AI-related investments amid growing concerns about

Anthropic's initial public offering (IPO) plans to raise as much as US$64.4 billion, a regulatory filing showed on Tuesday, with the company targeting a valuation of up to US$1.02 trillion based on outstanding shares listed in the filing. Reuters exclusively reported that Anthropic and some of its investors aim to sell shares in an indicative price band of between US$70 and US$78 per share.

The company is launching the roadshow for a historic share sale expected to set a benchmark for the sector, following years of hype that fueled a massive influx of capital into AI companies. However, the valuation is a reassessment from earlier expectations of around US$2 trillion, reflecting a shift in focus from revenue growth alone to the significant financial commitments required to sustain it.

Fiona Cincotta, Senior Market Analyst at City Index in London, noted that the target is slightly lower than an initial expectation of roughly US$69 billion, which was later considered inaccurate. Given the volatility and concerns towards AI seen in recent weeks, she described the valuation as “fairly bullish” and indicative of continued optimism about AI demand.

Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank in Geneva, said the IPO timing is notable because investors have become much more focused on the costs of the AI buildout than in past years. Political and regulatory uncertainties, along with a higher interest-rate environment, have raised questions about future AI spending, making Anthropic's IPO an important test of appetite for AI-related investments.

Michael Baker, Head of UK Premium Clients at Capital.com in London, emphasised that Anthropic must build a sustainable client base willing to pay sizeable bills on both the consumer and business sides. At the same time, the company must keep up with the costs of chips and data centres while continuing to offer competitive models and outperform major Chinese rivals. Baker described the valuation as “huge” and said it would take a lot to convince investors that it represents a fair price.