Analysts see room to run in Anthropic’s $1.4 trillion IPO

Several prominent analysts said Anthropic's IPO price range looks conservative, or at least justified, after the Claude developer filed updated paperwork on Tuesday, Nov. 10. Skeptics, meanwhile, pointed to the company's nearly $900 billion in computing commitments. Anthropic plans to sell 825 million shares at $70 to $78 each. At the top of that range it would raise up to $64.4 billion and be valued at about $1 trillion, or about $1.4 trillion on a fully diluted basis, Reuters Thomson Reuters Corporation ↗ 0.10% reported. Shares are set to price on Nov. 18 and begin trading on the Nasdaq ↗ 1.40% the next day under the ticker "ANT" (CNBC Comcast Corporation ↗ 0.98%).cnbc.com+1

The target is below the roughly $2 trillion that bankers discussed over the summer, according to The New York Times ↗ 0.57%.nytimes.com

Bulls point to growth

"Maybe, just maybe, they are pricing it to go crazy on IPO day," Moor Insights & Strategy CEO Patrick Moorhead wrote on X, as quoted by Stocktwits via Yahoo Finance. CNBC's Jim Cramer said "Anthropic's tantalizing growth rate is the key reason why this should be the largest IPO in history." Revenue for the first nine months of 2026 reached $33.2 billion, up 1,206% from a year earlier. Cramer acknowledged that quarter-over-quarter growth slowed to 47% in the third quarter from 144% in the second, but called it "still very impressive."finance.yahoo.com+1

Dan Ives of Yorkville Ives said "you have to have a valuation that's digestible" after the recent tech selloff. He also called the deal "the first time a U.S. frontier lab carries a standalone public market price". Barron's News Corp ↗ 1.64% noted that the target works out to 12 to 13 times October's $81 billion annualized revenue run rate, and that the company posted a 15% adjusted operating margin in the third quarter.barrons.com+2

Jeff Zell of IPO Boutique said that pricing about 20% below "market expectations" lets investors "bid up" the deal. Bankers are already weighing a valuation of $1.5 trillion or more because of strong demand, the Financial Times reported, according to Bloomberg.reuters.com+1

The compute overhang

Investors' central question is whether the $81 billion run rate can support about $900.9 billion in planned spending over the next decade, Moorhead said. Those commitments are with partners including Amazon Amazon.com, Inc. ↗ 1.48% and Alphabet's ↘ 0.38% Google, and part of the capacity depends on financing outside Anthropic's control, Reuters reported. Obligations for next year alone total $27 billion.finance.yahoo.com+2

Not everyone is convinced the price is cheap. "Anthropic could become an exceptionally successful company, but at this valuation, much of that success is already reflected in the price," said Varun Datta, founder of Truth Ventures.reuters.com