Anthropic's filing for an initial public offering (IPO) became the catalyst for a 2.4% rise in Nvidia's stock on Monday. Investors are actively debating the fairness of the $2 trillion valuation of the AI developer, which appears in the listing documents.
Anthropic is preparing to list on Nasdaq under the ticker ANT. Against the backdrop of a 0.8% gain in the Nasdaq Composite index, shares of Nvidia, Broadcom, and Micron — key suppliers of infrastructure for AI computing — rose.
Who will benefit from the $2 trillion valuation
CoreWeave, which provides cloud capacity for AI, had previously faced market concerns regarding its debt burden. Despite these difficulties, its shares also rose after a prolonged decline.
DA Davidson's head of technology research, Gil Luria, identified Amazon, Alphabet, and Broadcom among the beneficiaries of the offering. Moody's Senior Vice President Raj Joshi noted that the shift to adjusted operating profit will be a positive signal for the artificial intelligence sector. At the same time, Freedom Capital's head of technology research, Paul Meeks, is not impressed by the 10% margin.
According to the report, Anthropic's revenue reached $16.3 billion in the first half of the year — more than triple the $4.6 billion for all of 2025. Of the $80.7 billion net loss by June, a significant portion is explained by non-cash revaluation on convertible debt — $72.4 billion. According to Luria, even accounting for stock-based payments, the company's real losses are minimal.
Who bears the risks in Anthropic's offering
ANT is seen as a way for private investors to invest in artificial intelligence while bypassing chipmakers. Anthropic has 12,000 customers, each paying over $100,000. According to Goldman Sachs, retail traders account for only 9% of trading volume in the U.S. stock market — at the end of last year their share was 15%.
Nigel Green, CEO of financial consulting firm deVere Group, noted: if expenses exceed revenue, the risk will shift to public shareholders. Anthropic's cloud service contracts stipulate minimum spending levels — even with lower resource usage, the company is obligated to pay under the terms of the agreement.
On Wednesday, the U.S. Federal Reserve's rate decision and reports from Alphabet and Microsoft will be released. Anthropic may begin trading as early as November 16. The offering price will be a test of Wall Street's interest in artificial intelligence.
Cryptalist analysis: Anthropic's entry into the public market creates a new price benchmark for the entire AI sector, and the reaction of chipmakers confirms a direct correlation between model developers' valuations and demand for computing infrastructure. However, contractual obligations for minimum cloud spending carry a hidden risk for future shareholders if revenue growth slows. Investors should evaluate ANT not as a speculative bet on AI, but through the lens of operating margin sustainability after capital intensity normalizes.