FT: Anthropic's Bankers Prepare to Lift the IPO Valuation to $1.5 Trillion or More

Context

Anthropic launched its IPO roadshow on Nov 10, offering 825 million shares at $70 to $78 each. Reuters reported the same day that the company was eyeing a valuation of about $1.4 trillion. Bloomberg reported that the IPO is set to price on Wednesday, Nov 18 and trade the following day.

Deep dive

unusual_whales posted that Anthropic's bankers are preparing to increase the IPO valuation to $1.5 trillion or more, citing the Financial Times. The FT's own post on X carries the same headline: Anthropic bankers prepare to increase IPO valuation to $1.5tn or more.

The report came hours after Anthropic opened its roadshow. Anthropic's announcement offers 825 million shares of Class A common stock at a range of $70 to $78 a share. Reuters reported in an exclusive on Nov 10 that the company was eyeing a valuation of about $1.4 trillion, and Bloomberg reported that the IPO is set to price on Wednesday, Nov 18, with trading to start the following day.

Walter Bloomberg posted on Nov 11 that Dan Ives of Yorkville expects strong institutional demand, with Anthropic seeking to raise up to $90.4 billion and targeting a valuation of $1.25 trillion to $1.4 trillion at the current range. The FT also reported that US tech stocks were poised to rise on Nov 11, helped by CoreWeave results and the prospect of a higher Anthropic valuation.

Anthropic has not announced a new price range. The $1.5 trillion figure comes from the FT's reporting on bankers' preparations and is not final.

What to expect next

The key signal is whether Anthropic files an updated price range above $78 a share before pricing, which is expected on Nov 18.

Watch how other AI stocks react, since the FT links the higher valuation to the wider tech rebound. A strong debut could push OpenAI and other private labs to speed up their own listing plans, while a weak one would feed worries about an AI bubble.