Anthropic is set to list on the Nasdaq next Thursday, with an offering price of $70 to $78 a share. Including the greenshoe option and a concurrent private placement, the offering could raise nearly $100 billion in total, making it the world’s second-largest IPO, behind only SpaceX’s in June.
But the valuation is looking a little underwhelming. At the top of the range, the implied value of its outstanding shares is just over $1 trillion, while the market was talking about $2 trillion at the start of the year—basically a 50% haircut. The investment arms of Google, Microsoft, and TSMC are all coming in as cornerstone investors. That looks impressive, but they may also be worried there won’t be enough buyers. The final price won’t be set until next Wednesday, and Thursday and Friday’s trading will show whether the company is really worth that much.
But the valuation is looking a little underwhelming. At the top of the range, the implied value of its outstanding shares is just over $1 trillion, while the market was talking about $2 trillion at the start of the year—basically a 50% haircut. The investment arms of Google, Microsoft, and TSMC are all coming in as cornerstone investors. That looks impressive, but they may also be worried there won’t be enough buyers. The final price won’t be set until next Wednesday, and Thursday and Friday’s trading will show whether the company is really worth that much.