Anthropic Targets Roughly $1 Trillion Valuation for IPO

Anthropic plans to pursue an IPO valuation of about $1 trillion, putting a major AI company’s planned public offering at the center of investor attention for large technology listings.

The company also plans to seek a fully diluted valuation of $1.4 trillion. The roughly $1 trillion figure is the stated IPO target, while $1.4 trillion is the fully diluted valuation sought.

The $1 trillion target is half the $2 trillion expectation from August and below the $1.2 trillion to $1.3 trillion range discussed before the Nov. 9 roadshow. Anthropic’s third-quarter revenue was about $17 billion, and annual recurring revenue was roughly $81 billion.

The proposed offering includes 825 million shares priced at $70 to $78 each. A separate private placement is set to bring in $26 billion in ordinary shares, with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC named as cornerstone participants.

Anthropic expects to set the IPO price Nov. 18 and begin trading Nov. 19.