❯ Anthropic could start IPO marketing on November 10 as some investors discuss a $1.1 trillion to $1.3 trillion valuation

From filing to formal marketingBloomberg reported on November 9 that Anthropic could start marketing its IPO as early as November 10 Eastern time. It filed its prospectus publicly on October 26, updated it with third-quarter results on November 2, and plans to trade on Nasdaq as ANT. On the reported schedule, pricing and a debut could come in the week of November 16. The company has yet to announce a price range, share count, or listing date.

Market conditions have shifted the valuation discussionInvesting.com, citing Bloomberg, reported that after last week’s sell-off in AI shares some prospective investors discussed $1.1 trillion to $1.3 trillion, down from $1.5 trillion to $2 trillion discussed earlier this month. Those figures value the whole company. Its proceeds will depend on the offer price and how many new shares it sells. Indications of demand during the roadshow will help set both.

Revenue has grown, while operations remain loss-makingAnthropic’s amended prospectus shows that revenue in the quarter ended September rose to about $17 billion from about $1.4 billion a year earlier, while the company had an operating loss of $567 million. Anthropic earns money from Claude subscriptions and enterprise use of its models, and says revenue is primarily driven by usage. More calls can raise revenue, but the company needs to secure computing capacity in advance.

Contractual payments and customer usage run on different schedulesThe filing shows about $895.4 billion in purchase and lease commitments, almost all for computing and infrastructure. About $69.8 billion is due in the 12 months after the end of September 2026. About $213.8 billion of the total relates to arrangements that can be terminated or depend on conditions being met. Some contracts have minimum purchases that cost money even if usage falls short. Buyers have to judge how fast demand can fill the capacity Anthropic has already signed up for.

▮ SIGNALPublic investors will price a business whose revenue moves with customer usage and whose supply is contracted well in advance. The gap between those schedules has a direct bearing on valuation.