Anthropic IPO Filing Lifts Chips, but Valuation Doubts Split Wall Street
Anthropic’s initial public offering (IPO) filing lifted Nvidia 2.4% on Monday. Investors are already split over the $2 trillion valuation reported for the listing.
Anthropic plans to list on Nasdaq as ANT. Shares of Nvidia, Broadcom, and Micron jumped as the Nasdaq Composite rose 0.8%. Some investors had already discussed a $1.5 trillion price after revenue growth cooled.
Who Profits If the Anthropic IPO Prices at $2 Trillion?
CoreWeave, an AI cloud rental firm hit by debt concerns, also gained after weeks of losses.
DA Davidson’s Gil Luria, head of technology research, singled out Amazon, Alphabet, and Broadcom as gainers from the offering.
Moody’s senior vice president Raj Joshi said the swing to adjusted operating profit bodes well for AI. Paul Meeks, Freedom Capital’s head of technology research, was not wowed by the 10% margin, though modestly surprised.
First-half revenue of $16.3 billion, per the filing, more than tripled the $4.6 billion booked in all of 2025.
Most of the $80.7 billion net loss through June reflects a $72.4 billion non-cash charge tied to convertible debt. Luria said Anthropic’s losses are minimal even after counting stock-based pay.
Will Public Shareholders Carry the Risk?
A CNBC panel framed ANT as a way for retail investors to gain AI exposure beyond chip stocks. It cited 12,000 customers paying over $100,000. Goldman Sachs data shows retail traders make up only 9% of US equity volume, down from 15% late last year.
Nigel Green, CEO of financial advisory firm deVere Group, told BeInCrypto that public shareholders would carry the risk if spending outruns revenue.
Anthropic’s cloud contracts set minimum spending levels, so usage shortfalls still trigger payments.
Wednesday brings a Federal Reserve decision and Alphabet and Microsoft earnings. Anthropic could begin trading as soon as Nov. 16.
That pricing will test Wall Street’s appetite for AI. OpenAI, expected to wait until early 2027, is targeting $1.25 trillion in a pre-IPO round.
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