WSJ: Big investors want Anthropic’s IPO priced at $1.5T to $1.6T, below the nearly $2T discussed for months.

Some floated $1.5T after its October investor day, and last week’s double-digit falls in Alphabet and Intel hardened that view.

specially after Anthropic's amended prospectus that shows Q3 revenue of $17B, up from $11.6B, but expenses rose faster, turning a $974M operating profit into an operating loss.

That loss stems mainly from $5B of compute bought on short-term terms, which costs significantly more than multiyear contracts.

The longer-term bill is far larger: commitments total about $895.4B, almost all for compute and infrastructure, with $447.5B expected before 2031.

Some investors trust finance chief Krishna Rao to price low enough for a first-day jump that could lift a $1.5T debut to $2T.