Anthropic Still Plans Pre-Thanksgiving IPO, Targeting Up to $1.75 Trillion Valuation

According to ChainCatcher citing the Financial Times, Anthropic plans to move ahead with an IPO before U.S. Thanksgiving, targeting a valuation of $1.25 trillion to $1.75 trillion and proceeds of $80 billion to $100 billion. The expected midpoint is about $1.5 trillion, below the $2 trillion some investors had previously anticipated, as technology stocks face a steep sell-off. Investors familiar with the matter said Anthropic hopes to list on schedule even if it must accept a lower valuation. The company’s third-quarter revenue grew nearly 50% to about $17 billion, while its latest annualized revenue run rate was about $81 billion, up from $65 billion at the end of July. Anthropic plans to spend about $900 billion on computing capacity and infrastructure over the coming years. It currently has nearly $150 billion in cash and liquid investments. JPMorgan is expected to hold a briefing for potential investors on November 13.