The Anthropic IPO Is Coming: History Says the Stock Will Do This After It Starts Trading

Anthropic is the latest artificial intelligence unicorn to seek an IPO, following SpaceX and Cerebras.

Anthropic's most recent funding round valued it at $965 billion.

Hot tech IPOs from recent years have shared some similar trading patterns.

Just last week, Anthropic announced that it had raised $65 billion in a Series H funding round that valued the company at $965 billion -- making it the world's most valuable start-up. Now, the company's recent confidential S-1 filing is perhaps the clearest signal yet that participants in the artificial intelligence (AI) gold rush are marching toward the public markets.

SpaceX's initial public offering will take place later this month, and AI chipmaker Cerebras (NASDAQ: CBRS) listed a couple of weeks ago. With all of this action underway, smart investors need to weigh the extraordinary promises being made against the sobering lessons from how the hottest IPOs have performed in recent years.

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Anthropic's near-trillion-dollar valuation reflects more than optimism about large language models (LLM). The company's backers are pricing in the belief that Anthropic's Claude models and partnerships with cloud hyperscalers -- namely Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) -- will allow it to be a dominant force in the next era of enterprise software , scientific research, and consumer applications.

The likely proximity of its IPO to those of SpaceX and Cerebras adds an interesting layer of significance. SpaceX is aiming to be the largest IPO in history, targeting a valuation of $1.75 trillion. Meanwhile, Cerebras' recent debut tested investor appetite for makers of specialized AI chip hardware.