Investors Expect Anthropic IPO Valuation at $1.5 Trillion to $1.6 Trillion
According to people familiar with the matter, institutional investors have told Anthropic and its advisers that its IPO, planned for later this month, should be valued at around $1.5 trillion to $1.6 trillion, far below the nearly $2 trillion figure that had previously circulated. Factors worrying investors include stock market volatility, concerns about excessive exposure to AI investments, political backlash facing data centers, and uncertainty over when hyperscale cloud service providers such as Amazon and Meta will show AI-related profits. Anthropic has not yet finalized its valuation target, plans to launch its roadshow as early as next week, and is expected to list in the week before Thanksgiving.
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The original article discloses the specific range institutional investors have given for Anthropic's IPO valuation and lists multiple market concerns that are pushing the valuation down, which can serve as a reference for observing the pricing of AI company listings.
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Image caption: Anthropic CEO Amodei
According to people familiar with the matter, over the past few days institutional investors have told Anthropic and its advisory team that they believe the company's IPO, planned for later this month, should be valued at around $1.5 trillion to $1.6 trillion, far below the nearly $2 trillion valuation circulating in the market in recent months.
Investors cited a series of worrying factors, including volatile stock markets and growing market concerns about excessive exposure to AI investments. In addition, political backlash facing data centers, and uncertainty over when hyperscalers such as Amazon and Meta will be able to show AI-related profits, are also weighing on investors' minds.
Anthropic has not yet finalized its valuation target and is still considering how many shares it plans to sell. After an investor day last month, some investors told the company that its valuation should be closer to $1.5 trillion. But that was before tech stocks suffered double-digit declines last week, with companies including Intel and Alphabet seeing sharp share price falls after a series of disappointing earnings reports.
Some investors said they believe Anthropic CFO Krishna Rao will set a conservative valuation and prioritize ensuring that IPO investors can secure a first-day "pop" when the stock lists. They believe that even if Anthropic lists at a valuation of about $1.5 trillion, its share price could push the company's market value to $2 trillion by the end of the first trading day. Elon Musk's SpaceX surged 30% on its first day of trading in June, but at that time investors' widespread anxiety about AI had not yet taken hold.
Anthropic plans to launch its investor roadshow as early as next week, with listing expected in the week before Thanksgiving. The company will disclose the number of shares it hopes to sell and its target price range when the roadshow begins, thereby indicating its target valuation.