$1.4 trillion is the fully diluted valuation Anthropic is pitching as it begins its IPO roadshow, marking a lower target than the roughly $2 trillion figure circulated over the summer.
Investor demand still appears strong: earlier orders were reported multiple times oversubscribed, helped by large anchor indications and positioning the deal as potentially the biggest IPO on record.
The latest pricing framework points to trading as soon as next week, with Anthropic seeking up to $78 a share.
The offering lands amid a choppier market backdrop, with a hot inflation report rattling bonds and NVIDIA shares falling nearly 10% as allegations against CEO Jensen Huang intensify.