Anthropic: An IPO of up to $1.5 trillion and the question for crypto
How much liquidity can a stock market listing pull in before the crypto market feels it too?
Anthropic, the company behind Claude, is weighing a higher price for its initial public offering (IPO), which could lift its valuation to $1.5 trillion or more. According to a BeInCrypto report on November 11, 2026, citing the Financial Times, the total capital raised could then exceed $100 billion. For crypto, the question is whether this concentration of money will support investor sentiment or drain liquidity from other markets.
What price is being considered for Anthropic’s IPO?
The banks running the listing are reportedly considering a price above the $70 to $78 per share range announced on November 10. That range corresponded to a valuation of $1.26 trillion to $1.41 trillion, on a fully diluted basis.
The change of direction came less than a day after an amended filing had lowered the top of the range from $80. Five people familiar with the process attributed the rethink to strong demand during the investor roadshow, the Financial Times reported. Goldman Sachs and Morgan Stanley are leading the process. The higher price is still under consideration, not a final decision.
How does the raise reach $100 billion?
The amount comes from the public offering, the option to sell additional shares and the parallel participation of tech giants. At the announced price range, Anthropic planned to raise up to $64 billion.
The over-allotment option (greenshoe), if the offering is oversubscribed, could add almost $10 billion. In addition, Google, Nvidia and Microsoft are expected to invest a combined $26 billion at the IPO price. The total comes close to $100 billion, so a higher price would push it above that.
Three financiers told the Financial Times that Anthropic’s priority is now to raise as much money as possible rather than maximize its valuation. Behind that choice is planned spending of about $900 billion on computing power and infrastructure.
The company cited October revenue equivalent to $81 billion on an annualized basis. A word of caution here: extrapolating one month to a full year is not the same as annual revenue already earned.
Why does it matter to the crypto market?
The link to crypto is mainly about available liquidity and investors’ appetite for risk. Arthur Hayes has warned that big IPOs of artificial intelligence companies can soak up dollars that are fueling the crypto rally.
Think of different markets competing for money from the same pool. That is the logic of the warning, not proof that every dollar going to Anthropic is taken away from Bitcoin.
There is also the opposite view. Bob Peck of New York Angels argued that the listing could support tech stocks after the recent sell-off. The process follows turmoil in which, according to BeInCrypto, the US midterm elections were linked to $3 trillion in losses in the tech sector, before markets recovered.
What are we watching from here?
The final price and the capital raised will show how strong demand really is. Morningstar puts fair value at $1.7 trillion, but its scenarios range from $500 billion to just over $3 trillion, depending on how widely businesses adopt Anthropic’s tools.
We think this range captures the uncertainty better than an eye-catching valuation headline. For readers in Greece following Bitcoin, the news is about a potential competitor for global liquidity, not a confirmed signal of where the market is headed.