Anthropic IPO Target: $2T Valuation; CXMT Surpasses Tencent

Artificial intelligence startup Anthropic is reportedly targeting a valuation of at least $2 trillion for a potential October initial public offering, a move that would position it as the largest IPO ever. This ambitious goal is underpinned by projections for its annualised revenue run rate.

Anthropic’s revenue run rate could reach between $100 billion and $120 billion by the close of 2026, a substantial increase from the $47 billion reported in May. The company has not yet publicly confirmed this specific valuation target.

China’s Shifting Tech Valuations

In China’s competitive market, memory-chip manufacturer CXMT has now surpassed Tencent to become the nation’s most valuable listed company. CXMT commands a market capitalization of approximately $524 billion.

This significant shift underscores a broader investor preference for AI-related semiconductor businesses over traditional internet platforms. Tencent currently faces margin pressures stemming from its increased investments in AI spending.

Commodities Market Adjustments

Commodity markets saw notable movements, with gold prices declining by nearly 1%. This fall occurred as investors engaged in profit-taking following the bullion’s recent ascent to a two-month high.

The retreat in gold prices followed US producer price data indicating unchanged wholesale prices in July. Additionally, consumer inflation slowed to 3.4% year-over-year, which lessened expectations for a Federal Reserve interest rate hike.

Meanwhile, oil prices recovered from earlier declines. This rebound was triggered by reports of a drone attack on a Saudi Aramco refinery in Jazan, reigniting concerns over potential supply disruptions.

Earlier selling pressure on oil was attributed to weaker global demand forecasts. Furthermore, a significant increase in US crude inventories also contributed to the initial price drop.