Anthropic plans to launch its initial public offering on Nasdaq next week, with trading targeted to begin Thursday under the ticker “ANT.” The company is proposing a price range of $70 to $78 per share, implying a valuation of up to about $1.4 trillion. As one of the AI boom’s most closely watched listings, the offering will test investor appetite for the sector amid recent volatility.
IPO could raise up to $64.4 billion
Anthropic said this week it plans to offer 825 million shares at $70 to $78 apiece. At the top of that range, the IPO would raise about $64.4 billion. A private placement is expected to bring in a further $26 billion. The company updated its offering timetable on Thursday.
The size and implied valuation make the listing a major test of public-market demand for a leading AI company. Investors will be watching whether the valuation can gain acceptance and whether trading sustains the high expectations that have surrounded frontier AI companies in private funding rounds.
Morningstar puts fair value at $1.7 trillion
Morningstar analyst Malik Ahmed Khan estimated Anthropic’s fair value at $92 per share in a client report this week, implying a company valuation of about $1.7 trillion. That is above the proposed IPO range and reflects the analyst’s view that the business has room to grow.
Khan’s base case calls for a 47% compound annual revenue growth rate over the next five years. He said Anthropic is positioned to expand revenue quickly, citing the overall performance of its Claude models and the potential for its technology to help the company maintain a competitive edge.
Model commoditization and computing costs in focus
Investors are concerned that AI models could become increasingly commoditized, making it harder for companies to turn model capabilities into lasting pricing power and revenue growth. Khan acknowledged that risk, but Morningstar’s view is that Anthropic can retain a technological advantage. Continued improvements in its models could also create new sources of demand as computing costs rise.
Anthropic has committed to more than $850 billion in computing expenditures, with the commitments spread over more than a decade. Khan said the long spending horizon is an important factor in assessing the company’s cost structure. He also sees the potential for frontier AI labs to build businesses that generate durable free cash flow over time.
For IPO investors, the central question is whether revenue growth can offset rising computing costs, and whether a technical lead can translate into sustained commercial demand. The offer price, the scale of the private placement and the stock’s trading after listing will provide immediate market signals.