Pricing has not been set, and the valuation has already moved. Participants at an October 14 investor meeting discussed about $1.5 trillion, down from the roughly $2 trillion expected for a November IPO. Reports cite $475 billion in compute commitments. The FT reports that Blackstone has told investors Anthropic's debt may not earn an investment-grade rating after the IPO. Separately, the Pentagon has blacklisted Anthropic and labeled it a "supply chain risk," a designation previously applied to entities tied to U.S. adversaries. Anthropic has sued the Pentagon in two federal district courts. Neither the court schedules nor the debt rating outcome has been reported.
Attorneys advising on securities, debt, or government contracts should focus on three things: the final price range and share count once the S-1 amendments are public, the Pentagon litigation and whether the supply chain designation affects federal work, and any rating decision on the debt. The $40 trillion figure is an aspirational market size, not projected revenue, and that distinction will shape how investors price the deal against the reported range.