What valuation does Chamath Palihapitiya expect for the Anthropic IPO?

Chamath Palihapitiya said he expects Anthropic to price between $1.3 trillion and $1.7 trillion, with $1.5 trillion as his midpoint. He had earlier thought Anthropic needed to raise $200 to $250 billion, but the S-1 showed far more cash than he assumed, so he now thinks it needs $80 to $120 billion. A smaller raise means less demand on the market, more pricing power and better control of the float. At $1.4 to $1.6 trillion he called the deal fairly priced, not a bargain.

• Chamath praised Anthropic CFO Krishna Rao for having $125 billion entering June after net burn of only $9 to $10 billion.
• David Sacks added an estimated $80 billion debt facility, putting Anthropic's dry powder above $300 billion.
• Chamath named the risk he can price: how fast 10,000 mid-size customers grow into multimillion-dollar contracts.

▸In their words

“just eyeballing this, I kind of think it'll come in around 1.5 if I had to just kind of guess.” Chamath Palihapitiya · at 30:52 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on All-In with Chamath, Jason, Sacks & Friedberg (2026-10-30). Read the whole episode summary →

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