Anthropic Targets $1.4 Trillion Valuation in Landmark IPO Pricing

Anthropic priced its initial public offering at $70 to $78 per share on Tuesday, a range that could value the AI company at up to $1.4 trillion when it debuts on the Nasdaq next week. The top end of that range represents a jump of roughly 56 percent from the company's current $900 billion valuation, as The New York Times reported.

The deal could get bigger still. According to Anthropic's Tuesday filing, the company anticipates $26 billion in investment from major tech companies, including Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, and Microsoft. With that backing, Anthropic could raise as much as $100 billion in the transaction — approximately $14 billion more than the $86 billion SpaceX raised when it went public in June.

The numbers carry a caveat. Anthropic's targeted valuation remains smaller than SpaceX's, meaning the company would trail its rival on that headline measure even while out-raising it in cash terms.

What happens before the Nasdaq debut?

Anthropic announced the pricing range ahead of its pre-IPO roadshow. During that period, the company will meet with institutional investors to drum up excitement, gauge interest, and answer questions — the standard ritual that determines where the final price lands within, or beyond, the stated range.

The company is expected to finalize its share price on Wednesday, according to the Times. Its public debut on the Nasdaq under ticker symbol "ANT" is expected next Thursday.

Why is this IPO a test for the sector?

Anthropic is pushing ahead while others retreat. Rival OpenAI and several other major companies, including wearable maker Oura, have pumped the brakes on their IPO plans amid turbulent markets. Anthropic's decision to move against that current makes its reception a data point the rest of the industry will read closely.

Experts say the IPO will serve as a key indicator of investor confidence in the AI sector. That test arrives at an awkward political moment, particularly in the aftermath of the midterm elections. In elections across the U.S., voters rejected measures that would have supported data-center permitting or construction, and approved measures that banned, paused, or placed additional restrictions on development. The results have raised industry concerns about a coming slowdown.

What is not yet known?

Two questions remain open until the final pricing. First, whether investor demand pushes Anthropic toward the top of its $70-to-$78 range, or forces it to settle lower — a signal about appetite for AI exposure at trillion-dollar-scale valuations. Second, how the stock trades after the debut, which will matter more for the sector's confidence than the initial raise itself.

The strategic investors add their own layer of complexity. Google, Nvidia, AMD, Broadcom, Micron, and Microsoft all have commercial relationships with Anthropic beyond their equity stakes, and $26 billion of concentrated tech capital in a single IPO ties the company's fortunes tightly to its largest suppliers and partners.

The takeaway: a $100 billion raise would make Anthropic's listing the biggest of the year, but the political headwinds against data-center construction and the pile-up of delayed IPOs mean the hardest part starts after the opening bell.