Anthropic IPO could push valuation above $1.5T amid strong investor demand

The underwriters of the offering, led by Goldman Sachs and Morgan Stanley, are considering raising the proposed share price above the $70–$78 range disclosed in the company’s filing on Tuesday.

Such a move could push Anthropic’s valuation to $1.5 trillion or higher, compared with an initial implied valuation of between $1.26 trillion and $1.41 trillion on a fully diluted basis, according to the preliminary IPO figures. This calculation includes employee stock options and other restricted shares.

IPO Target of Up to $64.4 Billion and Strategic Investments

Anthropic has disclosed plans to raise up to $64.4 billion through its IPO. The company could also raise nearly an additional $10 billion through the over-allotment option, should demand exceed the number of shares initially offered.

In addition, the company has secured commitments for a $26 billion private placement from strategic investors, including Google, Nvidia, Microsoft, AMD, Broadcom, Micron and TSMC Partners.

These investments are expected to be made at the same price as the public offering, directly linking the valuation of the private placement to the final IPO pricing.

Funding AI Infrastructure Investments Takes Priority

According to the Financial Times, which cites three of the company’s backers, Anthropic is prioritising the maximisation of the capital raised through its stock market listing rather than focusing exclusively on achieving the highest possible valuation.

This strategy is closely linked to the company’s substantial funding requirements for investments in computing capacity and artificial intelligence infrastructure. The development and operation of advanced AI models require enormous computational resources, making access to capital a critical factor in supporting the company’s future growth.