Anthropic US$1t IPO: Price Collapse and Rising Bills Risk

How Far Has the Anthropic IPO Valuation Fallen?

In mid-August, shareholders were floating a valuation of US$2 trillion. Expectations have since cooled to around US$1.5 trillion.

The company has grown into an AI giant in five years, and it is now aiming for a record-breaking stock market debut. Anthropic is pitching its listing on Wall Street, not Bursa Malaysia.

What Are the Three Threats in the Anthropic Prospectus?

Anthropic spells out three risks in its Wall Street prospectus, published Monday: rivals catching up, collapsing prices and climbing bills.

Is Commoditisation Eroding Anthropic’s Lead?

The prospectus warns that “the degree of differentiation among advanced AI models may narrow.” Open models, which anyone can download and modify, trail closed models such as Claude or ChatGPT by about four months on average, according to Epoch AI.

Kimi K3.1 Pro from Chinese company Moonshot costs half as much as Claude Opus 5.5, Anthropic’s current flagship. Among paid models from Anthropic, OpenAI and Google, none has stayed on top for long.

How Far Have AI Prices Fallen?

According to Morningstar, the price of processing the same amount of text at the same performance dropped 97%, from US$17 at end-2024 to 50 cents today. Anthropic cut the price of Claude Opus by 20% in September, while OpenAI cut one flagship model by a factor of five in July.

• Vercel, a developer platform, saw open models handle more than half of its text in August, up from 13% in April.
• Anthropic still captured nearly two-thirds of spending on the Vercel platform.

Malik Ahmed Khan, senior equity analyst at Morningstar, says even a 90% price cut would not shrink total AI spending while usage keeps growing at its current pace.

What Is the US$417 Billion Commitment Doing to Anthropic?

Since late 2025, Anthropic has committed to paying at least US$417 billion to rent chips and servers. That is nearly 13 years of sales at its first-half 2026 pace, and the total could nearly double if cancellable or planned contracts are included.

Anthropic warns these commitments are due no matter the state of its business. Google and Amazon are at once its shareholders, suppliers and resellers.

The International Monetary Fund fears a “triple whammy” if AI proves less profitable than expected: falling stock prices, debts that are harder to repay and promised revenue that never materialises.

Can Anthropic’s Revenue Growth Hold Up?

Quarter-on-quarter growth slowed from 145% in the second quarter to 45% in the third. Anthropic says “substantially all of our revenue” comes from its AI tools, with no advertising empire like Google or Meta and no cloud business like Microsoft’s or SpaceX’s.

Still, more than 80% of its revenue last quarter came from models less than six months old. Anthropic says each new version of Claude has boosted sales.

The company also admits its safety measures “could slow our capability gains relative to competitors that do not adopt similar constraints.”

How Do SpaceX and OpenAI Shape the Anthropic IPO Timing?

Independent research firm New Constructs called the listing “an unprecedented test of investor gullibility.” Anthropic is counting on stock market money, which is not unlimited.

SpaceX, Elon Musk’s rocket and AI company, raised record sums there in June. Google and Meta, which are pouring fortunes into data centres, are also seeking fresh capital.

OpenAI chief Sam Altman called a listing “ill-advised” this year, and OpenAI has chosen to wait until 2027. That gives it time to see how Wall Street treats its big rival.

What Does the Anthropic IPO Mean for Bursa Investors?

The source gives no offer price, shares offered, funds raised, subscription dates or listing date for Anthropic. It also names no Bursa Malaysia board, ACE or Main Market, and no stock code.

Three figures are worth monitoring: the US$417 billion commitment, the 97% price fall and the slide from 145% to 45% in quarterly growth. For Bursa-listed AI-linked plays, a AI Stock Analysis for Malaysians approach can help you test these same numbers.

How to Apply for Bursa IPOs via M+ Global

The source gives no retail application route for Anthropic. For Bursa Malaysia IPOs, apply through the M+ Global app using Invitation Code UBZQ, and WhatsApp +60169059789 for assistance.

Online IPO applications need a direct CDS account in your own name, and only one application per IPO is allowed. Multiple applications are an offence under the Capital Markets and Services Act 2007. See the IPO Investing with M+ Global guide for the process.

Disclaimer: This article is general information, not financial advice. Do your own research and consider your risk profile before making any investment decision.

Key Takeaways

• Valuation: US$1 trillion (RM4.08 trillion), with expectations cooled from US$2 trillion to around US$1.5 trillion.
• Growth: Quarter-on-quarter growth slowed from 145% in the second quarter to 45% in the third.
• Prices: The cost of AI text processing fell 97%, from US$17 at end-2024 to 50 cents.
• Commitments: At least US$417 billion for chips and servers, due regardless of business conditions.
• Bursa angle: The source names no Bursa listing, offer price, subscription period or stock code.

Frequently Asked Questions

What is Anthropic’s valuation?

Anthropic is valued at US$1 trillion (RM4.08 trillion). Shareholders floated US$2 trillion in mid-August, but expectations have cooled to around US$1.5 trillion.

Is Anthropic listed on Bursa Malaysia?

No, the source describes a Wall Street prospectus, not a Bursa listing. It gives no stock code, offer price or listing date for Anthropic.

How much has AI processing become cheaper?

According to Morningstar, the price of processing the same amount of text at the same performance fell 97%. It dropped from US$17 at the end of 2024 to 50 cents today.

How much has Anthropic committed to chip and server rentals?

Anthropic has committed to paying at least US$417 billion since late 2025. That is nearly 13 years of sales at its first-half 2026 pace.

Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

Want to invest in Bursa Malaysia or US markets? Contact Dexter Chia, an AI Driven Remisier who has 2,200+ clients at Malacca Securities Sdn Bhd (M+ Global). M+ Global Invitation Code: UBZQ | WhatsApp: +60169059789 | Why Choose Dexter?