Anthropic Opens IPO Roadshow at $70-78 Per Share, Targets 35% Long-Term Margin

The gap between the 15% adjusted operating margin and the above-35% long-term target is the crux of this roadshow: it asks public-market buyers to underwrite a margin trajectory rather than a current profitability profile, against roughly $900.9 billion in compute commitments that convert that trajectory into a fixed obligation. The revenue growth rate is the counterweight, but it also raises the question of how much of it is being bought with compute spend. Whether the pricing range holds through Nov. 18, and how the deck's margin bridge is received, is the open question for the AI-linked listings that follow.