Anthropic Launches $100 Billion IPO Worth $1.4 Trillion... Or $1.0 Trillion, Depending On Who's Counting

Résumé détaillé

Five weeks ago the whisper was $2 trillion. This morning Anthropic filed at $70-$78 a share, and $160 billion of the headline valuation is stock that hasn't been granted to anyone yet. The valuation: either $1.0 trillion or $1.4 trillion, depending on the small print...

Goldman Sachs is the lead investment bank on the Anthropic IPO, with shares set to debut Thursday, Nov. 19. CNBC notes that 20% of shares have been allocated to retail investors and that pricing will be determined on IPO day.

With Anthropic's IPO roadshow underway, Goldman projects that Dario Amodei's chatbot company could generate more than $600 billion in annual revenue by 2030, according to a Financial Times report.

Goldman expects revenue of about $52 billion this year, $136 billion in 2027 and $442 billion in 2029. The 2030 target would represent more than 130 times the company's $4.6 billion in 2025 sales.

That extraordinary pace of growth comes with massive cash demands. Goldman projects free cash outflows of $12.8 billion in 4Q26 and $65.7 billion in 2027. It expects annual free cash flow to turn positive in 2030, reaching $33.6 billion, as Anthropic works through a staggering $900 billion in computing commitments.

Operating losses are projected to peak at around $40.4 billion in 2027 before turning into an operating profit in 2029. Goldman estimates operating income will reach $65.2 billion in 2030.

Notably, Goldman led the SpaceX IPO in June. At the time, it expected revenue from SpaceX's AI division to jump to $322 billion by 2030 from $3.2 billion in 2025.

Hyperliquid's pre-IPO Anthropic contract has an implied market value of $1.7 trillion as of mid-morning.

Amazon and Google hold significant minority stakes that could be worth a whopping $411 billion at $78 a share.

After five weeks in which the "fair value" of the biggest IPO ever slid from $2 trillion to $1.5 trillion and then to $1.2 trillion, Anthropic this morning filed an amended S-1 and kicked off its roadshow: 825 million shares at $70 to $78 each, ticker ANT, pricing next Wednesday night and trading on Thursday, Nov. 19.

Début de l'article, extrait de ZeroHedge. Pour lire la suite, ouvrez l'article chez le média.