Reuters: IPOX® Associate Lukas Muehlbauer Discusses Anthropic’s IPO Valuation and AI Economics
In an article featuring commentary from several sector specialists, Reuters reported that Anthropic was launching its IPO roadshow with an indicative price range of $70–$78 per share and a potential valuation of up to $1.4 trillion. The offering is set to test investor confidence in the AI sector following years of substantial capital investment.
IPOX® Associate Lukas Muehlbauer told Reuters that Anthropic’s latest growth figures supported serious consideration of a trillion-dollar valuation, while highlighting the difficulty of valuing a major AI lab without direct listed peers:
“The latest growth figures justify taking a trillion-dollar valuation seriously, however, being the first major pure-play AI lab to go public, there aren't really any direct peers to compare against.”
Muehlbauer emphasized that the company’s ability to generate cash after funding model development and computing infrastructure should be central to its valuation:
“The most important factor in valuing Anthropic is the cash it can ultimately generate from customers after funding model development and computing infrastructure.”
He also highlighted the durability of customer spending and whether the economics of providing inference improve over time. Customer retention and the investment needed to maintain a technological lead remain particularly important considerations in assessing the company’s prospects.
Source: Reuters – VIEW Anthropic's $1.4 trillion IPO bid sets up high-stakes test for AI market (by Utkarsh Tushar Hathi, Tharuniyaa Lakshmi, Anand Gopal, Johann M Cherian, Avinash P and Arpan Varghese – published November 10, 2026)