Anthropic IPO Eyes $1.4T Valuation and $64.4B Raise

Anthropic is going public in a deal that would value the AI lab at as much as $1.4 trillion. The company and some of its investors plan to raise up to $64.4 billion by offering 825 million shares, with a price range of $70 to $78 apiece. A draft prospectus was seen on Tuesday, and marketing of the deal is about to kick off.

Alongside the listing, Anthropic will pull in another $26 billion through a concurrent private placement with Alphabet's Google, Nvidia and Advanced Micro Devices. That trio of backers puts the chip and cloud giants directly on the cap table as the company behind the Claude chatbot scales up.

The push comes straight into a rough stretch for tech stocks. Investors are selling off the sector as they question the returns on AI spending and weigh rising debt costs. Ipek Ozkardeskaya called the timing notable, saying investors have become far more focused on the costs of the AI buildout than they were over the past few years.

She added that political and regulatory uncertainty, plus a higher interest-rate environment, have raised questions about future AI spending. Because of that, many investors are treating Anthropic's IPO as an important test of appetite for AI-related investments.