Anthropic, the developer of the Claude artificial intelligence chatbot, is pursuing a public listing with a maximum valuation of $1.4 trillion, representing a significant reduction from the $2 trillion valuation that had been anticipated earlier.
The company plans to sell 825 million shares priced between $70 and $78 each, aiming to raise up to $64.4 billion through the initial public offering. Additionally, Anthropic will secure $26 billion through a private placement involving major cornerstone investors, including Alphabet and Nvidia. A greenshoe provision could generate an additional $9.7 billion if demand warrants it, potentially bringing total capital raised to approximately $100 billion. Trading in the company’s shares is scheduled to commence the following week.
The revised valuation reflects broader investor skepticism regarding the artificial intelligence sector’s profitability trajectory. Recent midterm elections that favored candidates opposed to datacentre expansion have intensified concerns about whether technology companies can generate adequate returns on their substantial infrastructure investments. Market analysts attributed the valuation adjustment partly to investor appetite for correcting previously elevated valuations in the AI space, with electoral results providing a catalyst for reassessment.
Anthropically’s chief executive, Dario Amodei, alongside six co-founders, is selling substantial personal shareholdings in the offering, with individual stakes potentially worth more than $18 billion each at the upper end of the pricing range. The company reported annualized revenue of $81 billion as of the end of the previous month, up $10 billion from the prior month.
Operational expenses represent a critical consideration, as Anthropic faces significant compute purchase commitments and lease obligations exceeding $70 billion over the next year and more than $450 billion through 2030. Goldman Sachs and Morgan Stanley, leading the flotation, have projected the company could generate annual revenues of $600 billion by 2030.
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