Anthropic is set to be valued at $1.5 trillion in its initial public offering next week, with bankers pushing for the higher figure as investor appetite for the artificial intelligence company intensifies. The valuation represents an increase from the previous target range of $1.26 trillion to $1.41 trillion. Grey market pricing on Capital.com has also climbed, rising from $1.3 trillion to $1.4 trillion in a single day, signalling strong pre-listing demand from investors.
The surge in Anthropic's valuation comes despite turmoil in the broader technology sector. Nvidia shares fell more than 8 per cent in pre-market trading, wiping another $360 billion from the chipmaker's market value and taking losses this week to $640 billion or 14 per cent. Nvidia has shed around $2 trillion of value since reaching its peak on October 6. The decline follows admissions by Nvidia boss Jensen Huang that he cheated on his wife with a suspected Chinese spy, prompting calls from Republican senator Kevin Cramer for Huang to step down as chief executive.
Daniela Hathorn, senior market analyst at Capital.com, said the rising pre-market valuation of Anthropic suggests investor appetite for AI remains resilient despite the recent technology sell-off. Chris Weston, head of research at Pepperstone, noted that sentiment towards the broader AI trade had improved following strong results from cloud computing group CoreWeave. Weston said there was little evidence so far that Nvidia's leadership crisis had affected pricing in pre-IPO markets for Anthropic.
However, Hathorn cautioned that strong IPO demand does not necessarily resolve broader concerns about AI profitability. She noted that while Anthropic's rapid revenue growth is impressive, its substantial infrastructure commitments mean investors will be watching whether that growth can translate into sustainable returns. The IPO could become an important test of sentiment across the AI sector, though rising expectations before trading begins mean the risk of disappointment is also increasing.
The listing offers UK retail investors the chance to participate, with a minimum buy-in of £250. The IPO is expected next week. Chris Beauchamp, chief market analyst at IG, said the future of the rally in tech stocks now hinges on whether investors care more about Nvidia's troubles or the success of Anthropic's listing.