Anthropic IPO Could Top $1.5 Trillion Valuation as Banks Weigh Higher Pricing Amid Strong Investor Demand, Potentially Raising Over $100 Billion: Report

Anthropic could raise its IPO price after reportedly strong investor demand, potentially pushing the AI company’s valuation above $1.5 trillion and lifting proceeds past $100 billion.

Underwriters are considering pricing shares above Anthropic’s announced range of $70 to $78, the Financial Times reported on Tuesday. Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) are leading the offering and began meeting investors Tuesday, according to the report.

Anthropic said Tuesday that it plans to pursue a valuation of up to $1.4 trillion when it lists next week. Five people familiar with the offering told the publication that demand from investors has been particularly strong.

Three Anthropic backers said the company is focused on raising money for computing costs rather than maximizing its valuation. 

Anthropic did not immediately respond to Benzinga’s request for comments.

Anthropic Gears Up for IPO

Anthropic has opened its Australian retail IPO on Wednesday, allowing individual investors to buy shares ahead of its planned Nasdaq listing. The offering runs between Nov. 11 and Nov. 17 and is expected to comprise newly issued Class A common shares under a prospectus filed with Australia’s securities regulator.

The Dario Amodei-led company has also launched the investor roadshow for its proposed IPO of Class A common stock, formally advancing its plans to go public.

Ives Sees Potential for $1.2 Trillion Valuation

On Tuesday, reports said Anthropic’s banks briefly received details of a potential plan to raise as much as $69.3 billion before the company withdrew the information, calling the pricing inaccurate. The proposed offering is expected to include 825 million shares, which would generate as much as $64.35 billion at the top of the stated range. Analyst Dan Ives said the deal could initially value Anthropic near $1 trillion, with demand potentially moving that figure toward $1.2 trillion. Ives’ said the Anthropic IPO is likely “a positive step for the tech sector.”

CNBC commentator Jim Cramer described the upcoming listing as one of the AI industry’s most consequential IPOs, arguing that its pricing could influence investor views across the broader AI trade. The IPO follows last week’s $3.2 trillion technology-stock selloff that recently unsettled Wall Street.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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