ANTHROPIC TARGETS $1.4 TRILLION VALUATION IN RECORD AI IPO

Yorkville's Dan Ives expects strong institutional demand for Anthropic ($ANT), which is seeking to raise up to $90.4 billion.

The company is marketing 825M shares at $70–$78, targeting a $1.25T–$1.4T valuation and up to $64.35B in IPO proceeds.

A separate $26B private placement brings in Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.

Anthropic reported nearly $17B in Q3 revenue, up from $1.4B a year earlier, but swung to a $567M operating loss amid soaring compute costs.

The company also disclosed $895B in commitments, mostly for computing infrastructure.

Ives sees the IPO as a major test of AI valuations, with pricing expected during the week of November 16.