Investors Discuss Anthropic IPO Valuation of $1.2T to $1.3T

The striking part is that a trillion-dollar-plus figure is being floated at the discussion stage, before any timeline exists — a sign of how aggressively AI private valuations are being marked relative to what public markets have historically paid for software. It matters most for late-stage private holders and for anyone tracking how public listings get priced against private marks, since a gap there would set the tone for other AI candidates. Whether such a valuation survives scrutiny once a listing process actually begins is the open question.