Anthropic’s lower-than-expected IPO valuation: smart strategy or sign of trouble?

Anthropic set the price range for its upcoming IPO at $70 to $78 per share, implying a valuation of roughly $1.3 trillion—below the levels analysts had anticipated earlier this year. The lower-than-expected range positions the AI developer's offering as one of the largest market debuts on record despite falling short of earlier forecasts. The pricing suggests investors may be applying more conservative multiples to AI companies after a period of aggressive expectations for the sector. How the shares trade once they open will indicate whether the tempered valuation reflects a deliberate strategy to build post-listing momentum or signals waning demand. Investors will also watch whether the deal prices at the top or bottom of the range, and how peers in the AI space react.