Anthropic, the developer of the Claude artificial intelligence model, set its initial public offering at between $70 and $78 per share, implying a fully diluted valuation of up to $1.404 trillion. The estimate is below the $2 trillion previously discussed, after investors reduced their expectations following a broad selloff in artificial intelligence stocks. The offering is expected to raise about $64.4 billion, supplemented by a $26 billion private placement, while Google and Nvidia are each committing $10 billion. Anthropic reported approximately $81 billion in annualized revenue, but its computing commitments with partners including Amazon and Google total nearly $900 billion. Meta separately plans $135 billion to $145 billion in capital expenditure for 2026, mainly for artificial intelligence infrastructure, as its costs are rising faster than its operating cash flow.
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