Anthropic IPO pricing is out: at midpoint $74/share, fully diluted market cap sits at ~$968.4B (not even hitting $1T).
Valuation multiples breakdown:
• Using latest $81B run-rate revenue → 12x PS
• Using Q3 annualized confirmed revenue ($67.8B) → 14.3x PS
• Conservative full-year confirmed revenue ($58-60B) → 16-16.7x PS
Note on run-rate calc: Last 28 days token-based revenue × 13 + monthly subscription fees × 12
For context, this puts Anthropic at a significantly lower valuation multiple than many expected for a leading AI lab. The gap between run-rate and confirmed revenue shows typical SaaS recognition lag, but that 16-17x PS on confirmed revenue is actually reasonable for a high-growth infra play in 2025.
Valuation multiples breakdown:
• Using latest $81B run-rate revenue → 12x PS
• Using Q3 annualized confirmed revenue ($67.8B) → 14.3x PS
• Conservative full-year confirmed revenue ($58-60B) → 16-16.7x PS
Note on run-rate calc: Last 28 days token-based revenue × 13 + monthly subscription fees × 12
For context, this puts Anthropic at a significantly lower valuation multiple than many expected for a leading AI lab. The gap between run-rate and confirmed revenue shows typical SaaS recognition lag, but that 16-17x PS on confirmed revenue is actually reasonable for a high-growth infra play in 2025.