If you want to prove that the sentiment gap between investors in the primary and secondary markets is widening, check out Anthropic and OpenAI's valuations. On Tuesday, Anthropic revealed that the target valuation range for this IPO is $1.26 trillion to $1.4 trillion. Before this updated prospectus was released, OpenAI had just completed a new round of financing, with a post-investment valuation of 1.25 trillion US dollars. In other words, even if the valuation is reached according to the upper limit of the range, Anthropic's public market valuation is only 12% higher than OpenAI. But in fact, Anthropic's third-quarter revenue was 70% higher than OpenAI's, and the growth rate was much faster for most of this year. Despite this, Anthropic's underwriting advisors are currently undervaluing, probably to ensure sufficient demand for stocks on the first day of listing. Some Anthropic investors expect that if market demand is strong, the company is likely to raise the IPO price or issue more shares.

If you want to prove that the sentiment gap between investors in the primary and secondary markets is widening, check out Anthropic and OpenAI's valuations. On Tuesday, Anthropic revealed that the target valuation range for this IPO is $1.26 trillion to $1.4 trillion. Before this updated prospectus was released, OpenAI had just completed a new round of financing, with a post-investment valuation of 1.25 trillion US dollars. In other words, even if the valuation is reached according to the upper limit of the range, Anthropic's public market valuation is only 12% higher than OpenAI. But in fact, Anthropic's third-quarter revenue was 70% higher than OpenAI's, and the growth rate was much faster for most of this year. Despite this, Anthropic's underwriting advisors are currently undervaluing, probably to ensure sufficient demand for stocks on the first day of listing. Some Anthropic investors expect that if market demand is strong, the company is likely to raise the IPO price or issue more shares.