ANTHROPIC TARGETS $1.4 TRILLION VALUATION IN RECORD AI IPO Yorkville's Dan Ives expects strong institutional demand for Anthropic ($ANT), which is seeking to raise up to $90.4 billion. The company is marketing 825M shares at $70–$78, targeting a $1.25T–$1.4T valuation and up to $64.35B in IPO proceeds. A separate $26B private placement brings in Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Anthropic reported nearly $17B in Q3 revenue, up from $1.4B a year earlier, but swung to a $567M operating loss amid soaring compute costs. The company also disclosed $895B in commitments, mostly for computing infrastructure. Ives sees the IPO as a major test of AI valuations, with pricing expected during the week of November 16.

Anthropic's blockbuster IPO will value the Claude chatbot creator at up to $1.4 trillion, slightly short of some investors' expectations, setting up a key test of Wall Street's faith in the AI boom it helped ignite

Anthropic’s blockbuster IPO carries the risk of marking a peak for the AI trade and may trigger a cascading correction when the initial lockups expire, according to Jack Selby, who runs the venture firm Copper Sky

Anthropic's bankers are preparing to raise its IPO price above the $70-$78 range, lifting its valuation to $1.5 trillion or more. That would push total fundraising above $100B, including the $26B private placement and the underwriters' option to buy extra shares. Source: FT