Anthropic shareholders expect the artificial intelligence company to go public at more than $2 trillion, the Financial Times reported. CNBC host Jim Cramer defended that number hours later. Such a price would deliver the largest initial public offering ever completed and vault the company past SpaceX.
Anthropic filed confidentially with US regulators in June and entered a quiet period. Anthropic closed May with annualized revenue above $47 billion. Investors now expect $100 billion to $120 billion by December.
That implies more than tenfold growth in a single year. The company last raised at a $965 billion post-money valuation. A $2 trillion debut would therefore double that mark within months.
Cramer argued the multiple holds up as long as the sales arrive. One investor told the Financial Times that 800% annual growth justifies at least 30 times revenue. On that basis, Anthropic could clear $3 trillion.
By comparison, Palantir and Nebius trade near 55 times sales. Skeptics focus on durability rather than speed. Patrick Corrigan, a law professor at the University of Notre Dame, questioned whether the fundamentals will catch up.
Whenever there is speculation, there's also usually substance and fundamentals. The question here is whether the price investors are going to end up paying is going to match up to the substance and fundamentals of what AI is really going to do in the real economy and as a business. Pricing power remains the softest spot.
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