Anthropic Prioritizes IPO Cash as Bankers Weigh Pricing That Could Top $1.5 Trillion

Anthropic’s bankers are weighing a share price above Tuesday’s $70 to $78 range, which could value the Claude developer at $1.5 trillion or more. Strong roadshow demand is driving the rethink, according to BeInCrypto, citing five people familiar with the deal who spoke to the Financial Times; Goldman Sachs and Morgan Stanley lead the offering. A corrected filing cut the range’s top from $80 less than a day earlier. Tuesday’s range implied a fully diluted valuation of $1.26 trillion to $1.41 trillion and a raise of up to $64 billion; a greenshoe option could add almost $10 billion, while Google, Nvidia and Microsoft will invest $26 billion combined at the IPO price. The total would be roughly $100 billion before any price increase. Three backers told the FT Anthropic now wants to raise as much as possible rather than maximize its valuation, in part to fund about $900 billion in planned computing and infrastructure spending. The company cited $81 billion in annualized revenue for October. The listing follows a $3 trillion tech-stock rout days earlier. Jim Cramer said an AI-stock recovery hinges on the IPO, while New York Angels’ Bob Peck said it could lift tech shares; Arthur Hayes warned AI IPO dilution could drain dollar liquidity behind crypto’s rally. Morningstar estimates fair equity value at $1.7 trillion, with scenarios from $500 billion to just over $3 trillion depending on adoption. The final price is expected before next week’s debut.