Anthropic Targets Pre-Thanksgiving IPO at Up to $1.75 Trillion

Anthropic still aims to launch a U.S. initial public offering before Thanksgiving, targeting an $80 billion to $100 billion raise at a valuation of $1.25 trillion to $1.75 trillion.

The proposed valuation midpoint is about $1.5 trillion, below the $2 trillion some investors had previously expected. Anthropic is willing to accept a lower valuation to keep the listing on schedule.

Anthropic’s third-quarter revenue rose nearly 50% to about $17 billion. Its latest annualized revenue run rate was about $81 billion, up from $65 billion at the end of July.

Anthropic plans to spend about $900 billion on computing capacity and infrastructure over the next several years, while its cash and liquid investments total close to $150 billion.

The IPO plan comes as AI shares face a selloff, data center construction encounters regulatory resistance and OpenAI has lowered its fundraising goal. JPMorgan is expected to hold a briefing for prospective investors Friday, Nov. 13.