Anthropic targets valuation of up to $1.4tn in stock market flotation

Claude chatbot developer had been reported to be aiming for $2tn IPO on Wall Street before investors cooled on AI

Anthropic is seeking a valuation of up to $1.4tn (£1.05tn) in its imminent stock market flotation , short of the $2tn that had been expected before investors started to question the durability of the AI boom.

The developer of the Claude chatbot was widely reported to be targeting a $2tn initial public offering on Wall Street but its sights have been set lower, according to a US regulatory filing on Tuesday.

Anthropic is aiming to raise up to $64.4bn by selling 825m shares in the IPO priced up to $78 a share, giving the company a valuation of up to $1.4tn. The California-based company will also raise a further $26bn via a separate private placement deal ⁠with cornerstone investors including the Google parent, Alphabet, and the chipmaker Nvidia. Trading in Anthropic shares could start as soon as next week.

Investor jitters over the AI boom were crystallised last week when the US midterm elections produced victories for datacentre opponents. This has added to already existing concerns, such as how quickly, or if at all, companies can generate a return on their spending on AI infrastructure.

A Chinese spying scandal enveloping Nvidia , a cornerstone company for AI investors, also threatens to overshadow the industry but has not affected share prices so far, other than Nvidia’s.

The updated Anthropic filing stated that the company’s annual revenue is now running at $81bn as of 31 October, up $10bn from the previous month.