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1 / 3Anthropic's IPO range needs a price only 14 companies have reached since 1980×

The price

A valuation of $1.5 trillion to $2 trillion would mean paying $43 to $57 for each dollar of Anthropic's trailing $35.3 billion in revenue, Fortune calculates.

The record

Jay Ritter of the University of Florida found only 14 of 4,110 IPOs from 1980 through 2024 priced above $40 per revenue dollar, and they trailed the market by an average of 15.4%.

The costs

Anthropic's compute costs rose about 77% in the quarter to $9.9 billion, and Wednesday's Kentucky terms show its landlord's lenders still wanted Google's credit behind the rent.

Sources and the full story

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Anthropic's IPO range needs a price only 14 companies have reached since 1980

A valuation of $1.5 trillion to $2 trillion would mean paying $43 to $57 for each dollar of Anthropic's trailing $35.3 billion in revenue, Fortune calculates. Jay Ritter of the University of Florida found only 14 of 4,110 IPOs from 1980 through 2024 priced above $40 per revenue dollar, and they trailed the market by an average of 15.4%. Anthropic's compute costs rose about 77% in the quarter to $9.9 billion, and Wednesday's Kentucky terms show its landlord's lenders still wanted Google's credit behind the rent. SourcesB

Sources

• BAnthropic's third-quarter results mean IPO math and history are not on its side (Fortune)fortune.com

This story ran in the Afternoon Brief of November 4th 2026.