Anthropic's underwriters may lift IPO price range on strong investor interest

what happened

According to Seeking Alpha, which cites the Financial Times, the banks running Anthropic's listing are weighing a higher price range for the shares. The FT's account relies on five people with knowledge of the discussions. Goldman Sachs and Morgan Stanley lead the underwriting group. The range disclosed in a Tuesday filing is $70 to $78 per share, and a raised range could push the valuation target to $1.5 trillion or above.

The filing put the fully diluted valuation between $1.26 trillion and $1.41 trillion, counting employee stock options and other restricted shares. Anthropic intends to raise up to $64.4 billion in the IPO, with an option for nearly another $10 billion if demand exceeds supply. Strategic backers including Google, Nvidia, Microsoft, AMD, Broadcom, Micron and TSMC Partners have committed to a $26 billion private placement at the IPO price.

Three of the company's backers told the FT that Anthropic is prioritizing proceeds over a top valuation, with the cash meant to fund heavy spending on computing infrastructure.

why it matters

A deal of this scale, with chipmakers and cloud names among the backers, could serve as a gauge of investor appetite for AI companies. If the price range is raised, attention on the sector would grow, and the money raised is earmarked for infrastructure that feeds directly into demand for chips and cloud services.

market impact

AI and chip stocks: strong IPO demand may sustain investor appetite for the sector.

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