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.