Anthropic’s underwriting banks are reportedly planning to raise its IPO valuation to $1.5 trillion or higher. The Financial Times previously reported a valuation of up to $1.4 trillion, with a fundraising cap of $64 billion.
The first round of pricing hasn’t been finalized, but the numbers are already moving up. The underwriters’ willingness to revise their expectations suggests that investor inquiries are hotter than expected. No one wants to price it too low and leave money on the table.
But the valuation is set by the sellers; the final price is what buyers are willing to pay. We’ll see the difference on listing day.
What to watch: In the final prospectus, is $1.5 trillion the upper end of the range or the new baseline? And will the $64 billion fundraising target move too?