#anthropic拒绝延期ipo，本周路演估值几何？ Anthropic presses ahead with its IPO—can AI tokens ride along?
An IPO moving ahead as planned doesn’t mean investors will buy in at any valuation. Anthropic’s roadshow looks more like a public negotiation: the company is selling its future, institutions are calculating their returns, and some in crypto are already getting ready to trade.😘
First, let’s get the numbers straight. The prospectus, updated on November 10, disclosed a proposed offering of 825 million shares at a price range of $70 to $78. That implies gross proceeds of approximately $57.8 billion to $64.4 billion. This is the value of the shares being sold—not the valuation of the entire company, nor all money that will go to the company.
Overall valuations cited in market reports are around $1.3 trillion to $1.4 trillion, with differences reflecting share counts and dilution assumptions. Later reports said banks were considering pushing the valuation to $1.5 trillion or higher. Note: they are considering raising it; the final price has not been set.
The real question worth discussing is this: investors are willing to pay for AI, but how many years of growth are they willing to pay for in advance?
The company disclosed third-quarter revenue of $17 billion. Its business has clearly moved beyond “selling chatbot subscriptions”—enterprise workflows are now a major battleground. But fast-growing revenue doesn’t mean each additional dollar of revenue leaves more profit behind. Compute costs, customer renewals, and price competition will all determine how profitable this business really is.
The biggest misconception in crypto is using AI companies’ valuations to prop up AI tokens.
Anthropic sells equity, and buyers acquire an economic interest in the company. Whether an AI token can benefit depends on whether customers actually need to use it for payments or collateral, or whether there’s a clear mechanism for business revenue to flow through to it. Just because they both have “AI” in the name doesn’t mean they use the same payment code.
This could even create a new kind of competition: as AI companies enter public markets, investors gain a more direct way to invest. At that point, on-chain AI projects will have to answer a tougher question: beyond making trading convenient, what unique value do they actually offer?
Watch for two signals next: whether the final offering price reflects the proposed increase, and whether subsequent financial results can demonstrate the quality of the growth. The offering price will test market appetite; operating data will test the company’s ability to sustain it.
If the roadshow goes well, sentiment in the AI sector could get a boost, but tokens that lack real demand,
An IPO moving ahead as planned doesn’t mean investors will buy in at any valuation. Anthropic’s roadshow looks more like a public negotiation: the company is selling its future, institutions are calculating their returns, and some in crypto are already getting ready to trade.😘
First, let’s get the numbers straight. The prospectus, updated on November 10, disclosed a proposed offering of 825 million shares at a price range of $70 to $78. That implies gross proceeds of approximately $57.8 billion to $64.4 billion. This is the value of the shares being sold—not the valuation of the entire company, nor all money that will go to the company.
Overall valuations cited in market reports are around $1.3 trillion to $1.4 trillion, with differences reflecting share counts and dilution assumptions. Later reports said banks were considering pushing the valuation to $1.5 trillion or higher. Note: they are considering raising it; the final price has not been set.
The real question worth discussing is this: investors are willing to pay for AI, but how many years of growth are they willing to pay for in advance?
The company disclosed third-quarter revenue of $17 billion. Its business has clearly moved beyond “selling chatbot subscriptions”—enterprise workflows are now a major battleground. But fast-growing revenue doesn’t mean each additional dollar of revenue leaves more profit behind. Compute costs, customer renewals, and price competition will all determine how profitable this business really is.
The biggest misconception in crypto is using AI companies’ valuations to prop up AI tokens.
Anthropic sells equity, and buyers acquire an economic interest in the company. Whether an AI token can benefit depends on whether customers actually need to use it for payments or collateral, or whether there’s a clear mechanism for business revenue to flow through to it. Just because they both have “AI” in the name doesn’t mean they use the same payment code.
This could even create a new kind of competition: as AI companies enter public markets, investors gain a more direct way to invest. At that point, on-chain AI projects will have to answer a tougher question: beyond making trading convenient, what unique value do they actually offer?
Watch for two signals next: whether the final offering price reflects the proposed increase, and whether subsequent financial results can demonstrate the quality of the growth. The offering price will test market appetite; operating data will test the company’s ability to sustain it.
If the roadshow goes well, sentiment in the AI sector could get a boost, but tokens that lack real demand,
