Despite the economic upheaval in the stock market, Anthropic plans to file its IPO at a valuation of $1.33 trillion, well below the previously expected $2 trillion.
The plan gives enterprises insight into the vendor's financials, especially as they integrate the generative AI vendor’s newly updated Claude Fable 5.2 and Claude Mythos 5.2 models, as well as Claude Enterprise capabilities, into their workflows.
Anthropic said in an amended registration statement with the SEC filing on Tuesday that it would sell about 825 million shares for $70 to $78 per share. With the filing, Anthropic expects to raise about $61 billion and another $26 billion from investors such as chipmaker AMD.
The vendor set the price of its upcoming public shares a day after Anthropic released Claude Fable 5.2 and Claude Mythos 5.2.
The models focus on improvements in coding, reasoning and vision and can communicate more clearly than past models, according to Anthropic. The vendor also released new capabilities on Tuesday for Claude Enterprise for meetings, whiteboards, spreadsheets, data and connectors to Adobe, Atlassian and HubSpot.
The releases and the vendor’s continued plans to pursue an IPO come after a week of upheaval in the financial markets, during which many investors responded to the shift in the political landscape and widespread dislike of AI data centers by selling their tech shares.
Many hedge funds sold tech stocks right after the Nov. 3mid-term elections, switching to stocks in sectors such as healthcare and utilities.
IPO does not equal worth
However, the $1.3 trillion that Anthropic now projects for its IPO - expected next week, before the U.S. Thanksgiving holiday - should not be seen as equivalent to the vendor’s technology, according to Shay Boloor, chief market strategist at Futurum Equities.
“Investors are paying for the expectation that Anthropic can sustain extraordinary growth while converting more of that revenue into profits,” Boloor said.
He added that the $1.3 trillion valuation shows that the value of frontier AI is finally being priced against how the stock market is faring, rather than what investors think the market will do.
Nevertheless, Anthropic’s continued progress toward a public offering is good for enterprises because it provides a glimpse into the company’s finances, Boloor said.
“It brings greater financial transparency and access to capital, which matters when companies are embedding Claude into workflows they expect to rely on for years,” he continued.
But the IPO does not change the competitive dynamics in the AI market because enterprises will continue to choose models from Anthropic, as well as its U.S. AI model rivals Google and OpenAI, based on cost, performance and reliability, he argued.
Anthropic has demonstrated that it continues to retain its enterprise customers. It disclosed a 900% net revenue retention rate as of Sept.30. While impressive, Boloor cautioned against interpreting it as a retention rate for enterprises that have long embedded the technology in their workflows.
What is impressive is the $26 billion that the Claude maker is getting from Google, Nvidia, AMD, and other providers of AI compute with a separate private placement at the IPO price, he said.
Boloor said this is a “tremendous vote of confidence but also highlights how financially interconnected the AI ecosystem has become since these are companies investing in Anthropic while simultaneously benefiting from an enormous amount of computing infrastructure Anthropic needs to purchase.”
The continued future spending is also evident in the latest news from Taiwan Semiconductor Manufacturing Company, which fabricates most GPUs for the world market and plans to invest $500 million each in OpenAI and Anthropic.
The enterprise work environment
Meanwhile, Anthropic continues to prove to investors that it is more than just a model provider, especially wth its latest additions to Claude Enterprise.
Claude Meetings lets Claude join a video call and start work in what has traditionally been Microsoft's and Google's enterprise workspace territory, while the team is still talking.
Claude Whiteboards and Claude Sheets enable teams to build with the Claude agent using shared boards and spreadsheets. Claude Data turns a company's data into dashboards, data stories and videos.
"It puts Claude closer to where the business intent starts," said Sid Nag, founder and analyst at Tekonyx. "Anthropic is really competing for the enterprise work interface."
With many new capabilities available across Microsoft and Google applications, Anthropic's larger opportunity lies in enabling Claude to capture decisions from their beginning, Nag said.
For Anthropic, launching capabilities such as these in the days leading up to its public offering shows that it is not only a pure AI developer, Nag said.
"Now the company is moving away from just being another AI lab that produces LLMs (large language models) and prompts, engines and agents to actually taking all those things together and creating a productivity workflow," he said.
New models
But Anthropic still showed that its most effective products are models, with the release of Fable 5.2 and Mythos 5.2.
“They are faster, cheaper,” said Lian Jye Su, an analyst at Omdia, a division of Informa TechTarget.
Claude Mythos 5.2 and Claude Fable 5.2 cost $8 per million input tokens and $40 per million output tokens. This new pricing is a noticeable reduction from version 5.1 of the two models, which cost $10 per million input tokens and $50 per million output tokens.
Anthropic said Fable 5.2 can accomplish challenging tasks with fewer tokens than Fable 5.1. Claude Mythos 5.2 is the vendor’s most capable model for cybersecurity engineering and catches more vulnerabilities than previous models, according to the vendor.
“We are seeing a massive increase in cybersecurity threats nowadays, and having Anthropic reemphasize this domain is helpful,” Su said. “It is one of the few things that the industry can agree on in terms of other actual benefits that AI solutions can bring.”
Esther Shittu is an Informa TechTarget news writer, podcast host and producer covering AI technology.
