Anthropic Targets $1.4 Trillion Valuation in Upcoming Nasdaq Debut

Anthropic, the artificial intelligence firm behind the Claude chatbot, is scheduled to begin trading on the Nasdaq under the ticker ANT on Thursday, November 19. According to an amended filing, the company plans to offer 825 million shares priced between $70 and $78. At the high end of this range, the company's fully diluted valuation would reach approximately $1.4 trillion, a significant jump from its $965 billion valuation during a May funding round.

Financial Performance and Market Demand

Investor interest in the offering appears robust, with reports suggesting that orders have already reached six times the number of available shares. However, the company's recent financials show a cooling in growth. While revenue for the 12 months ending in September hit $35.3 billion, the third-quarter revenue growth of 47% was a sharp deceleration from the 144% growth seen in the second quarter. Furthermore, Anthropic reported an operating loss of $567 million in the third quarter, attributed to high short-term computing costs and specific non-cash charges.

The Amazon Connection

For investors looking at the broader AI ecosystem, Amazon remains a pivotal player. The retail and cloud giant will hold more than 5% of Anthropic’s shares following the IPO. More importantly, Anthropic has committed to spending at least $110 billion on Amazon Web Services (AWS) between 2026 and 2036. This partnership is a key driver for AWS, which recently saw its operating income climb 55% to $17.8 billion, accounting for nearly two-thirds of Amazon's total operating profit.

Supply Risks and Infrastructure Costs

Market analysts note that the IPO may face volatility due to a large volume of shares becoming eligible for sale in the coming months. While 316 million shares can be traded immediately, another 3.3 billion shares—four times the IPO volume—could hit the market within six months as lock-up periods expire. Meanwhile, Amazon continues to invest heavily in AI infrastructure, reporting a negative free cash flow of $42.4 billion over the past year due to increased spending on property and equipment.

What to watch next: Investors will look for the final pricing announcement on November 18 to see if the high demand pushes the entry price above the current expected range.