Stocks are slipping this morning after a big rally on Monday. Treasuries are lower along with gold and silver, while the dollar is higher. Crude oil is giving back more ground.
It was been a WILD couple of weeks for AI stocks...but Anthropic PBC is powering ahead with plans for its Initial Public Offering (IPO) anyway. The maker of the Claude chatbot just filed updated paperwork saying it wanted to raise $64.4 billion at a valuation of about $1.4 trillion. Antrhopic would sell 801.4 million shares, while other holders would sell 23.6 million.
SPCX (Black), IPO (Red) - 1-Mo. % Change
Source: TradingView
The targeted price range would be $70 to $78 per share – and Anthropic's ticker symbol would be “ANT.” Factoring in a separate private placement of shares...and the customary over-allotment option for underwriters...Anthropic could ultimately raise about $100 billion. The IPO is slated to price Wednesday, Nov. 18.
Whether the Anthropic deal eclipses SpaceX’s (SPCX) mammoth $75 billon offering in June remains to be seen. But it comes after both big selloffs and big rallies in technology stocks. The Nasdaq 100 shed a whopping $2.3 trillion in value last Thursday. Then the tech-heavy index surged 3.4% yesterday, the best single-day gain since May 2025. As for SPCX and the Renaissance IPO ETF (IPO), they’re down 9.4% and 12.9%, respectively, in the last month.
In economic news, the Consumer Price Index rose 0.4% in October, while the core CPI that excludes food and energy gained 0.3%. Both readings were one-tenth of a percentage point hotter than Wall Street expected.
The final Federal Reserve meeting of the year will conclude Dec. 9, and these numbers bolster the case for an interest rate hike. Fed Governor Christopher Waller said in a London speech yesterday that he supports a move of at least 25 basis points then...or even 50 bps if need be.
