How this Anthropic investor is thinking through its IPO filing

Anthropic's (ANTH.PVT) much-awaited IPO prospectus is now available. Investors can learn from how a top investor is thinking about the company's plans.

"Where do I think it should be valued or where should it be valued at the IPO? I think those are two separate questions in my mind," said Jared Carmel, co-founder of Manhattan Venture Partners, on Sozzi Unleashed. "So it's hard to put a number on it, but I don't think $2 trillion is crazy. A year ago, this company was doing a few billion in revenue. And today it's doing tens of billions. The market isn't pricing a chatbot. It's pricing an infrastructure layer for how every business is going to run."

"If the S-1 shows margins after compute, moving in the right way, $2 trillion starts to look like the opening bid, not the ceiling," Carmel added before the S-1 filing was released. "But again, I'd like to see this priced to sell. So our goals internally is to see its price somewhere between $1.3 billion and $1.5 billion."

Manhattan Venture Partners was an early investor in Anthropic and SpaceX (SPCX). SpaceX held the record for the largest IPO ever, a record that Anthropic's debut may soon break.

The prospectus shows that Anthropic's revenue in the first half of 2026 rose sharply to $16.3 billion, up from $1.1 billion in the same period a year earlier.

However, the filing also reports a net loss of $80.7 billion in the first half of the year.

Investment bankers are reportedly aiming to value Anthropic at an extremely high level when it goes public, with a valuation of about $1.5 trillion to $2 trillion. Read more about the expected IPO valuation.

Anthropic could begin trading on the public stock market before the end of November.

Carmel said it is very important for Anthropic to get its valuation right.

"I think this needs to be valued appropriately," Carmel explained. "I think the biggest problem that we've seen in the IPO markets over the last few years are sort of valuations that have been offsides. And this needs to be valued to sell the IPO buyer, whether that's institutional or retail. They seem to hop around, especially when they're not getting the pop that they need. And I can fully understand why a company like Anthropic wouldn't would want to value themselves fairly as opposed to, let's say, undervalued. But the reality is you need to have shareholders for the long term."

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