What is being reported
AI company Anthropic has started the roadshow for its IPO. According to the Financial Times, as cited by t3n, the underwriting banks are pushing for a higher starting price and want to lift the valuation to $1.5 trillion or more. This is a report based on insider sources, not a confirmed company decision.
In the amended prospectus, which t3n and Yahoo Finance both reference, Anthropic targets an overall valuation of over one trillion dollars. Initially about 825 million shares are to be offered at $70 to $78. Yahoo Finance gives a market valuation of $1.3 to $1.45 trillion for that range. The banks reportedly aim for a share price of around $83.
Timing and capital volume
The offer price is expected to be set on November 18, and the first trading day on Nasdaq under the ticker "ANT" would be November 19, according to Yahoo Finance. Up to 20 percent of the shares are to go to retail investors; per t3n, investors in Germany can also subscribe to Anthropic shares.
Strategic investors such as Alphabet, Nvidia or Microsoft could, per t3n, additionally buy non-voting shares worth $26 billion at the IPO price. In total, proceeds of up to $90.4 billion would be possible.
Background
The valuation from the last funding round was, per t3n, $965 billion. In the summer, according to the report, up to $2 trillion had been discussed. Yahoo Finance reports that the recent market turmoil in the AI sector has significantly dampened expectations.
Revenue grew strongly according to the prospectus: about $4.6 billion in 2025 and $33.2 billion in the first nine months of 2026. As t3n notes, Anthropic itself warns in the prospectus that this growth pace cannot be sustained. In the third quarter the company recorded, per Yahoo Finance, an operating loss of $536 million, partly due to a $5 billion charge for short-term compute capacity.
According to the prospectus, Anthropic's contractually committed spending on compute and infrastructure amounts to $895.4 billion.
Assessment
Analyst expectations vary widely. Goldman Sachs expects, per t3n, around $685 billion in revenue for 2030, Morningstar 47 percent annual growth in its base case. The Goldman forecast comes from a bank that is leading the IPO and profits from it, which t3n explicitly points out.
For investors in Germany the key questions are whether the offer price rises and how much weight compute costs carry for margins. If the valuation is set high, the cited analyses leave open whether growth justifies that price.
Sources
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