Anthropic Sets IPO Price Range at $70–$78, Lowers Market Cap Target to $1.3T–$1.4T

[Financial News] Anthropic, the developer of the artificial intelligence (AI) chatbot Claude, has finalized its price range ahead of its Nasdaq listing this month. However, amid a confluence of market headwinds, including concerns about an AI investment bubble and worries over data center regulations in the United States, it has set its valuation substantially below initial expectations.
According to the Associated Press and other major news outlets on the 10th (local time), Anthropic set an indicative IPO price range of $70–$78 per share (about ₩94,000–₩105,000) in a registration statement filed with the U.S. Securities and Exchange Commission (SEC).
Anthropic plans to raise up to $64.35 billion–$64.4 billion (about ₩86.2 trillion–₩86.3 trillion) by offering 825 million shares at that price range. Separately, it has also signed an agreement to sell $26 billion (about ₩34.8 trillion) worth of shares through a private placement to seven global tech giants—Google, Microsoft, NVIDIA Corporation, TSMC, AMD, Broadcom and Micron—which will serve as cornerstone investors. The total proceeds from the public offering and private placement are expected to reach up to $90.4 billion (about ₩121.1 trillion).
If the offering price is finalized as planned, Anthropic’s market capitalization after listing is estimated at about $1.33 trillion (about ₩1,782 trillion) to as much as $1.405 trillion (about ₩1,882 trillion). That would be higher than the $965 billion (about ₩1,293 trillion) valuation it received when it raised investment in May, but considerably below the $1.5 trillion–$2 trillion (about ₩2,010 trillion–₩2,680 trillion) that some in the market had expected.
The lower valuation target reflects the challenging market environment. Prolonged high interest rates have fueled doubts about the profitability of massive AI infrastructure investments, while a major headwind has been the Democrats’ landslide victory in recent U.S. midterm elections after campaigning to tighten data center regulations, along with the passage of ballot measures restricting data center construction in several states.
Despite market concerns, Anthropic’s results are growing rapidly, driven by explosive demand for Claude. According to the registration statement, Anthropic’s cumulative revenue for January–September this year surged about 1,200% from the same period last year to $33.24 billion (about ₩44.54 trillion), with third-quarter revenue alone reaching $16.96 billion (about ₩22.7 trillion). It recorded a massive net loss of $104 billion (about ₩139.3 trillion) over the same period, but most of this appears to have been an accounting loss stemming from changes in the fair value of convertible bonds and derivative liabilities.
Anthropic, which has applied to list on the Nasdaq under the ticker symbol “ANT,” is aiming to go public on the 19th or 20th of this month.


[email protected] Park Ji-hyun Reporter