Anthropic’s Amodei Tells Dimon IPO Aims to ‘Overdeliver’ at $1.4T
Anthropic CEO Dario Amodei told JPMorgan's Jamie Dimon the AI firm wants to underpromise and overdeliver as it heads for a Nasdaq debut near $1.4 trillion.
Anthropic, the artificial intelligence company behind the Claude chatbot, wants to “underpromise and overdeliver” as a public company, Chief Executive Dario Amodei said Friday, Nov. 13, in a livestreamed conversation with Jamie Dimon, chairman and chief executive of JPMorgan Chase. The remarks came days before what is set to be one of the largest stock market debuts on record, with Anthropic seeking a valuation of roughly $1.4 trillion, well below the $2 trillion some investors had anticipated only weeks ago.
What happened
The conversation took place at JPMorgan’s Manhattan headquarters, one of the final stops on Anthropic’s roadshow, the series of investor meetings companies hold to build demand before an initial public offering, Yahoo Finance reported. Asked by Dimon why the company was going public now, Amodei pointed to the need for more cash to manage uncertainty around its spending on computing power.
Amodei described securing enough computing capacity without overspending as the company’s “deepest business dilemma,” according to Yahoo Finance. He said Anthropic generally buys less capacity in advance than its growth projections might justify and adds more when demand runs ahead of expectations. “We actually tend to buy on the low side,” he said, adding that more cash on hand gives the company a larger buffer against that mismatch.
Amodei also suggested the company is not chasing the highest valuation it could get. He struck an expansive tone on the technology itself, describing a future in which AI helps make diseases such as cancer and Alzheimer’s things of the past. “It sounds starry-eyed. It sounds crazy. I really do believe it,” he said, Yahoo Finance reported.
The offering terms
Anthropic set a price range of $70 to $78 per share for 825 million shares in an updated filing with the Securities and Exchange Commission on Tuesday, Nov. 10, CNBC and UPI reported. The shares are expected to be priced on Wednesday, Nov. 18, and to begin trading on the Nasdaq on Thursday, Nov. 19, under the ticker “ANT.” Key details reported by the outlets include:
- At the top of the range, the IPO would raise up to $64.35 billion, according to CNBC and UPI.
- Anthropic also agreed to sell $26 billion of a separate class of stock, called Class N, in a private placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC at the IPO price, CNBC reported. Combined, Yahoo Finance put the potential total at up to $90.4 billion, citing the company’s IPO website.
- On a fully diluted basis, which counts options and other securities that could become shares, the company could be worth up to $1.405 trillion, CNBC calculated.
- About 20% of the shares are earmarked for individual investors, above the 5% to 10% typical for large listings, CNBC reported.
Goldman Sachs and Morgan Stanley are the lead underwriters, with JPMorgan leading sales to U.S. retail investors among 19 banks working on the deal, according to Yahoo Finance. The outlet cited an estimate from investment bank Evercore that the banks could collect about $395 million in fees.
Why it matters
The listing is a major test of investor appetite for the AI trade at a difficult moment. Yahoo Finance noted that financial conditions have tightened in recent weeks as borrowing costs rose, and that political backlash over U.S. data center construction has grown. Nvidia, one of Anthropic’s biggest chip suppliers and investors, is in turmoil following the resignation of Chief Executive Jensen Huang, which has weighed on chip stocks this week.
Expectations have already come down. Anthropic’s last private funding round in May valued it at $965 billion, and the company had earlier aimed for about $2 trillion, CNBC reported. Some shareholders told CNBC that even $1.5 trillion looked doubtful, with one calling it a “stretch.” At the same time, CNBC reported that institutional demand was stronger than for SpaceX at the same stage of its offering. SpaceX’s June debut raised $85.7 billion at a $1.77 trillion valuation, according to UPI.
The numbers behind the pitch
Anthropic reported $33.2 billion in revenue for the nine months through September, up from $4.6 billion a year earlier, UPI reported. Third-quarter sales were $17 billion, a 1,127% increase from the same quarter of 2025. CNBC reported annualized run-rate revenue of about $81 billion at the end of October.
The company remains deeply unprofitable on paper. It posted a nine-month net loss of $104 billion, mostly reflecting changes in the fair value of convertible notes and derivative liabilities, compared with a $25.1 billion loss a year earlier, CNBC reported. UPI noted Anthropic has been profitable in only one quarter, and cited a company statement to investors warning, “We do not expect our revenue will continue to grow at comparable rates.”
What comes next
The final share price will be set on Nov. 18, and the range could still change before then. If the deal prices at the top of the range, it would hand Anthropic one of the largest cash raises in stock market history as it races rivals to secure the computing power Amodei called its central challenge.
