NEW YORK, November 11, 2026 — The initial public offering (IPO) of Anthropic, a company at the forefront of artificial intelligence, has sent shockwaves through the tech industry, with its valuation potentially reaching $1.5 trillion. Meanwhile, CoreWeave’s latest earnings report has eased concerns about the company’s debt, but funding risks still linger.
Anthropic’s Soaring Valuation
Anthropic’s updated prospectus sets a price range of $70 to $78 for 825 million Class A shares, with a potential $64.4 billion raise at the top end. According to Evercore ISI’s Kevin Rippey, the company’s IPO sentiment is the “core driver” of the AI trade. The Financial Times reported that underwriters are considering raising Anthropic’s proposed IPO price range following strong investor demand, which could push the target valuation to $1.5 trillion or higher. This has tempered speculation that the IPO might be a “limp into the finish line type event,” especially after AI stocks swung sharply late last week.
CoreWeave’s Earnings Report
CoreWeave’s third-quarter results were labeled a “survive and advance” print by Rippey, easing near-term debt concerns but not resolving funding risks. The report confirmed no new bottlenecks but did not address long-term funding worries behind the stock’s sell-off over the past eight weeks. Rippey said the report removed the risk of a new downside shock but did not resolve the funding worries, characterizing it as a “relief rally standpoint, a survive and advance type print.”
Market Reaction
Nasdaq futures rose on Wednesday after CoreWeave’s results lifted tech-sector sentiment. Retail sentiment around Anthropic’s IPO flipped to ‘bullish’ from ‘bearish’ territory over the past day, while chatter jumped to ‘extremely high’ from ‘low’ levels. The shift in sentiment comes as Anthropic’s IPO is expected to set the tone for AI stocks into year-end. As Rippey stated, “We get through this event. We look out into December, and you can draw quite a bullish construct.”
Funding and Investment
Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft, and Taiwan Semiconductor Manufacturing Co. have agreed to purchase a combined $26 billion in Anthropic shares through a private placement at the IPO price. This investment underscores the growing interest in AI and the potential for significant returns. The trend underneath this investment is the increasing demand for AI computing power and the need for companies to scale their operations to meet this demand.
The shift is clear: AI is driving growth and investment, with companies like Anthropic and CoreWeave at the forefront. Watch this space as the story unfolds, with Anthropic’s IPO potentially drawing a bullish construct for AI stocks into December, according to Rippey. As the market continues to evolve, one thing is certain: the funding divide between AI compute leaders like Anthropic and infrastructure providers like CoreWeave will be a key factor to watch, with the next major milestone being Anthropic’s IPO, which could raise up to $64.4 billion, as stated in the company’s updated prospectus.
Sources
- Anthropic IPO Sentiment Is The ‘Core Driver’ Of The AI Trade, Analyst Says – Calls CoreWeave Q3 Results ‘Survive And Advance’ Print
- AM Markets Need to Know: Fed faces inflation test, Anthropic IPO demand surges, and more
Photo: Maxim Klimashin / Unsplash (Unsplash License)
