Anthropic Targets $1.4T Valuation in Record US Tech IPO

The scale is the story: a $1.4 trillion fully diluted valuation paired with a 35% long-term operating margin target frames this as a profitability narrative rather than a pure growth bet, which is unusual for a listing of this size. The founders' $1.75 billion cash-out is worth flagging, since it shifts some of the risk onto new public holders while insiders realize liquidity. Whether the margin target holds up under public reporting, and how the deal prices against that ambition, is the open question.