Damodaran values Anthropic's IPO equity at about $1.475 trillion

RichmanRonald · x · 2026-10-29

Valuation professor Aswath Damodaran reports that Anthropic filed its IPO prospectus on October 26, 2026, and values its equity at roughly $1.475 trillion, a number that will inform his own buy/sell decision.

The post recaps his year of AI-focused analyses: valuing SpaceX, debating whether AI giants belong in the S&P 500, and examining how AI capex shapes aggregate US earnings and invested capital. He had previously argued both Anthropic and OpenAI would be priced rather than valued at IPO via buzzy metrics like annualized run-rates, and now builds a full story-and-inputs valuation from the prospectus — while urging investors to run their own numbers rather than copy his.

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