Anthropic launches IPO at $74 midpoint valuation

Anthropic has launched its initial public offering, offering 825 million shares priced between $70 and $78 alongside a $26 billion private placement. The author argues that at the midpoint valuation of $74, the IPO matches a probability-weighted value, meaning investors are no longer paying upfront for the bull case but still face a premium over the base case. The offering serves as a major catalyst for the artificial intelligence trade by securing order commitments for compute, memory, networking, and power infrastructure. Open article →