The numbers
Anthropic, the AI company behind the Claude chatbot, launched its initial public offering roadshow on Tuesday (Nov 10), pitching its shares to prospective institutional investors including mutual funds, pension funds and hedge funds. According to its filing with US regulators, the company set a price range of $70 to $78 per share, implying a valuation of $1.26tn to $1.4tn.
That is below the $2tn widely expected by the market. The Guardian reported that Anthropic had been widely reported to be targeting a $2tn IPO, but the company lowered its goal after investors began to question the durability of the AI boom. BBC Technology likewise noted that its price range came in lower than expected.
| Item | Figure |
|---|---|
| Price range | $70 to $78 per share |
| Implied valuation | $1.26tn to $1.4tn |
| Previously expected valuation | About $2tn |
| Roadshow length | 7 to 10 days |
| OpenAI's recent funding valuation | About $1.25tn |
Analysis
According to The Information, Anthropic's roadshow runs 7 to 10 days — the standard process for pitching institutional investors ahead of an IPO. The tentative valuation range the company set ($1.26tn to $1.4tn) was slightly lower than what investors initially expected.
Notably, that valuation is close to the roughly $1.25tn valuation OpenAI fetched in its recent $11bn funding round. The Information analysis said that although Anthropic's revenue is higher than OpenAI's, its valuation does not significantly surpass it — one possible reason being that Anthropic wants to leave room for its stock to rise after listing.
“Anthropic likely wants its stock to have some room to rise after the IPO.” — The Information
Anthropic's valuation pullback comes as investors' persistently high expectations for the AI industry begin to cool. The Guardian described the phenomenon as “investors started to question the durability of the AI boom.” BBC Technology mentioned a “catastrophic” warning about AI in its report but did not elaborate.
The IPO is seen as a key moment for a leading AI company to go public. The market had expected Anthropic's valuation to reach as high as $2tn, and the final pricing range falling well short of that reflects a cautious attitude toward high AI valuations.
What to watch
Anthropic's IPO roadshow will run 7 to 10 days, after which the final offer price will be set and the shares will begin trading. The market is watching whether the final pricing lands at the high end of the range and whether post-listing performance validates investors' confidence in AI's long-term prospects. Also in focus for follow-up coverage: how Anthropic's valuation compares with OpenAI's, the revenue gap between them, and what it means for how the AI industry is valued overall.