Dan Ives Says Anthropic Could Be Worth $3 Trillion Eventually, Calls It ‘Hearts and Lungs’ of AI Trade

Dan Ives said he would not be an "assertive buyer" of Anthropic at a $2 trillion valuation, but expects "strong appetite" closer to $1.5 trillion and described the AI company as the "hearts and lungs" of the broader technology trade.

Ives Sees Appetite Around $1.5 Trillion

Asked what Anthropic could be worth, Ives said an initial valuation of about $1.5 trillion to $1.7 trillion is where he expects investor appetite to emerge.

"I think 1.5 to 1.7 is probably going to be, I think, where the initial appetite is for this valuation," Ives told CNBC.

He said investors will focus on how Anthropic presents its growth trajectory and backlog during the IPO roadshow, while also considering the company’s longer-term potential.

Ives said Anthropic could eventually reach a valuation of $2 trillion to $3 trillion, but distinguished those levels and the likely IPO valuation.

"I think at two trillion, you’re not an assertive buyer," Ives said. At around $1.5 trillion, depending on where the IPO ultimately prices, he added that investors could show "strong appetite."

Ives later said, "I’d be definitely a buyer coming out."

‘Hearts And Lungs’ Of AI Trade

Ives tied Anthropic’s IPO to the broader artificial intelligence investment cycle, calling the current environment a "white knuckle period" amid concerns around AI-related spending and debt.

"The foundation, the hearts and lungs of this, it all starts with Anthropic," Ives said.

Asked whether Anthropic’s IPO could mark the top of the AI trade, Ives rejected that view.

"It’s the third inning," he said, estimating that the AI revolution is about "15% through."

"This is not a top. This is not a bubble," Ives said, describing the current period as the next stage of AI monetization.

Ives also acknowledged Anthropic’s spending requirements, saying investors will weigh expensive infrastructure buildouts against future growth.

He said Anthropic’s revenue and growth over the coming years will ultimately determine how investors assess the company, adding that "that’s where the rubber meets the road."

Valuation Still Matters

Viram Shah, founder and CEO of Vested, said investors should look beyond the attention surrounding Anthropic’s IPO and focus on the company’s revenue model, profitability prospects, compute spending and valuation.

Echoing Ives’ focus on the difference between a $1.5 trillion and $2 trillion valuation, Shah said, "A strong company is not necessarily a good investment at every valuation."

He added that investors should study Anthropic’s financial disclosures, competitive position, and long-term growth prospects before deciding how much exposure is appropriate.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.