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Anthropic, the artificial intelligence company behind the Claude chatbot, has set a share price range of $70 to $78 for its initial public offering on New York’s Nasdaq exchange, a pricing that would value the loss-making firm at between $1.1 trillion and $1.3 trillion and raise up to $64 billion.
The company said the IPO is expected to proceed this month. The implied valuation, while substantial, falls well short of the $2 trillion ceiling that some analysts had floated in recent weeks, suggesting either a deliberate effort to leave room for post-listing gains or a recalibration in response to shifting market sentiment toward AI stocks.
The timing is turbulent. Following last week’s US midterm elections, which produced a Democrat-led Congress, the Nasdaq fell sharply on investor concerns that the new legislative balance could slow AI development and constrain the buildout of data centres. Broader anxiety persists over whether the hundreds of billions of dollars being channelled into AI infrastructure will ultimately generate commensurate returns.
Against that backdrop, Fiona Cincotta, a senior market analyst at City Index, described Anthropic’s chosen price range as “fairly bullish.” Speaking to Reuters, she said the company was signalling confidence despite “the volatility [and] concerns towards AI that we’ve seen in sort of particularly last week.” She added: “It’s showing that they are still sort of upbeat about the outlook as far as AI is concerned and that obviously that they think that the demand is going to be there.”
Anthropic is among the most prominent of a cohort of well-funded AI companies that have yet to turn a profit. Its decision to pursue a public listing at this valuation level will be closely watched as a gauge of institutional appetite for AI equity at a moment when the sector faces both political headwinds in Washington and growing scrutiny over the economics of large-scale model development.