Anthropic IPO application detonates chip stocks, $2 trillion valuation causes differences

According to Woofun AI, Anthropic's submission of an initial public offering (IPO) directly stimulated sentiment in the tech sector, driving Nvidia (NVDA.US) shares to rise 2.4% on Monday. The Nasdaq Composite Index rose 0.8%, and Broadcom (AVGO.US) and Micron Technology (MU.US) followed suit.

Although some investors previously expected its valuation to be only 1.5 trillion US dollars due to a slowdown in revenue growth, the current plan to list on the NASDAQ under the “ANT” code still caused the market to strongly compete with its potential valuation of $2 trillion after listing.

According to data compiled by Woofun AI, Anthropic's revenue for the first half of the year reached US$16.3 billion, more than three times the total revenue of US$4.6 billion in 2025, but as of June, its net loss reached US$80.7 billion, of which US$72.4 billion came from non-cash expenses related to convertible bonds. Gil Luria, head of DA Davidson's technology research department, believes that even if stock-based compensation is included, the amount of loss is still manageable, and Amazon (AMZN.US), Alphabet (GOOGL.US), and Broadcom will benefit from it; Moody's senior vice president Raj Joshi pointed out that the improvement in operating profit is a positive sign for the industry.

However, Paul Meeks, head of Freedom Capital's technology research department, has reservations about 10% of the adjusted operating profit margin (the first half of the year's adjusted operating profit of US$1.62 billion versus revenue of US$16.286 billion), while Nigel Greene, CEO of financial consulting firm DeVere Group, warned that if spending continues to exceed revenue, public shareholders will bear the risk caused by the minimum spending standard for cloud service contracts.

Notably, the CNBC discussion group pointed out that “ANT” provides retail investors with AI investment channels other than chip stocks. It mentioned that nearly 12,000 institutional customers spend at least $100,000 a year, compared to less than 1,000 a year ago, but Goldman Sachs data shows that the share of retail investors in the US stock market has dropped from 15% last year to 9% now.

As the Federal Reserve announced its decision on October 28 (early morning Beijing time), and Google, Microsoft (MSFT.US), and Amazon intensively release financial reports, the market focus will shift to the resonance effects of macro and giant performance. According to the Wall Street Journal, Anthropic plans to raise up to $100 billion, with a valuation range of $1.5 trillion to $2 trillion. The company is likely to start trading as early as November 16, and this pricing window will directly test Wall Street's true enthusiasm for the AI industry. In contrast, OpenAI is carrying out pre-IPO bridge financing with a pre-IPO valuation of $1.25 trillion, raising up to $30 billion. Its IPO may start in the first half of 2027, and subsequent trends may become another key yardstick for measuring the extent of the AI asset bubble.