Anthropic still plans an IPO before Thanksgiving
Anthropic wants to raise $80–100 billion at a $1.25–1.75 trillion valuation, according to investors cited by the Financial Times.
The facts
- Anthropic wants to list before Thanksgiving, raising $80–100 billion at a $1.25–1.75 trillion valuation, according to investors cited by the Financial Times.
- That is above the current $965 billion valuation but below the $2 trillion the most optimistic investors had hoped for.
- Annualised reported revenue is about $81 billion, up from roughly $65 billion at the end of July.
- The Nasdaq 100 fell 6.4 percent on Thursday and recovered somewhat on Friday. OpenAI cut its funding target from $1.4 trillion to $1.25 trillion and has reportedly raised only about a third of the $30 billion it first sought.
Case notes · Danny's take
Why it matters
Anthropic is not waiting for a calmer market. It is taking a lower price and going anyway. That tells you the window feels more urgent than the valuation. Rising borrowing costs and heavy AI spending plans hit tech this week, and the source says the US midterm result added pressure through its stance on data centre construction. A listing at this size would be a test of how much the public market will pay for AI revenue. Private rounds are one thing. Public buyers ask harder questions.
For traders
Don't trade the headline. The valuation range comes from investors cited by the FT, so it is unconfirmed until there is a filing. Watch whether the range holds or gets trimmed, and how the Nasdaq 100 behaves as the date gets closer. When a deal is this loud, ask who is selling and who is buying.
For builders
A public listing forces disclosure. If Anthropic files, its revenue and cost numbers will tell you more about the economics of building on Claude than any launch post. Read them before you lock in your stack.
Not financial advice. Do your own investigation.
This story was summarised with AI from The Decoder's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.