‘Pricing It To Go Crazy On IPO Day’: Analyst Views Anthropic’s $1.3 Trillion IPO Valuation Conservative Even With $900B Spending Overhang

Some investors and analysts support valuing Anthropic at more than $1 trillion in its IPO, pointing to its attractive revenue growth.

• Anthropic plans to raise up to $64.4 billion in the IPO.
• Anthropic’s IPO would be a test for the broader AI trade, analysts say.
• Retail sentiment for ‘ANT’ shifted to ‘extremely bullish’ from ‘bearish’ as of late Tuesday.

Anthropic’s proposed IPO pricing could leave room for a sharp rally on listing day, a key analyst said Tuesday, moments after the AI lab announced it would sell shares in a price band of $70 to $78.

“Maybe, just maybe, they are pricing it to go crazy on IPO day,” Patrick Moorhead, CEO of Moor Insights & Strategy, said in an X post. In an earlier post, he pegged Anthropic’s implied valuation at  $916 billion to $1.02 trillion, and $1.2 trillion to $1.3 trillion on a fully diluted basis, far lower than the $2 trillion figure discussed months ago.

Reuters and CNBC reported Anthropic’s fully diluted IPO valuation at $1.4 trillion at the higher end.

Moorhead added that investors’ central question is whether Anthropic’s current annualized revenue of $81 billion can support its commitment to spend a staggering $900.9 billion over the next decade. 

Anthropic’s listing would be the year’s most closely watched IPO since Elon Musk’s SpaceX (SPCX), which raised $75 billion in June at a valuation of nearly $1.75 trillion. Analysts have said the IPO would be a test for the broader AI trade.

The AI lab and some of its current shareholders plan to raise as much as $64.4 billion in the IPO by selling 825 million shares, which are expected to begin trading on Nasdaq on Nov. 19 under the ticker “ANT.”

Analysts, Investors $1 Trillion Valuation As Justified

CNBC’s Jim Cramer struck an optimistic chord, saying that the company’s revenue growth supports a $1 trillion-plus valuation.

“To some extent, it’s the law of large numbers at work, and let’s be clear that 47% sequential growth is still very impressive,” The “Mad Money” host said. Earlier, some investors grew nervous as Anthropic’s quarter-over-quarter growth rate slowed to 47% in the third quarter from 144% in Q2.

“It’s good to see that it’s still growing nicely,” Cramer said. “As for Anthropic’s revenue and growth rate, the main subject of tonight’s review, it’s nothing less extraordinary, even if we are slightly past the peak, growth-wise.”

Mohamed El-Erian, a financial expert and professor at The Wharton School, views sales growth as a highlight in Anthropic’s IPO pitch. 

“Among what I find particularly interesting: The company's eye-popping revenue growth. Not only did revenue for the nine months ending in September rise to $33.2 billion, an increase of 1,200%, but its annualized revenue run rate hit $81 billion at the end of October, an increase of $10 billion from the end of September,” El-Erian said in an X post.

“You have to have a valuation that’s digestible,” Yorkville Ives partner Dan Ives said in “The Pomp Podcast” hosted by investor Anthony Pompliano. “At the end of the day, like stocks, the way that they've sold off, the nervousness of tech, the midterms… You're glad some of the hubris came off, and a lot of it just comes down to like, what's the market going to pay for it.”

Retail Traders Turn Bullish

Anthropic announced Monday that it had kicked off its IPO roadshow for investors. The company is selling 801.3 million new shares and 23.6 million shares held by current stockholders.

On Stocktwits, the retail sentiment for ‘ANT’ shifted to ‘extremely bullish’ from ‘bearish’ as of late Tuesday.

“$ANT To trade above $100 when it debuts on November 19, 2026, Anthropic would need to climb 28.2% to 42.9% above its current $70 to $78 IPO price range,” said a trader.

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