Original｜Odaily Planet Daily (@OdailyChina)
Author｜Wenser (@wenser 2010 )
With the IPO approaching, Anthropic staged a dramatic scene of "model release and price withdrawal".
In the early hours of November 10, Anthropic announced the launch of its latest models, Claude Fable 5.2 and Claude Mythos 5.2, aimed at tackling the toughest technical tasks, claiming significant improvements in programming, reasoning, and vision. Wharton School professor Ethan Mollick exclaimed that the "new model is almost at AGI level." However, the pricing document that circulated in the market cast a shadow over this occasion, triggering drastic price fluctuations on the blockchain.
In the battle for the title of "America's First AI Large Model Stock," Anthropic has already outpaced OpenAI, but whether it can drive a new round of AI bull market, or puncture this round of AI bubble, remains a big question mark.
Claude New Model Launched: Price Decreased by 20%, Output Speed Increased by 30%, Solved Fermat's Last Theorem in 30 Hours
According to Anthropic's official blog, the latest two models share the same underlying model, with Fable aimed at all paying users and already launched on the Claude platform, as well as on Amazon Web Services, Google Cloud, and Microsoft Azure; Mythos requires application through life sciences or cybersecurity verification projects. The official claims that output speed is up to about 30% faster than version 5.1.
Claude's account post and API pricing page are consistent: standard API is $8 per million input tokens and $40 per million output tokens, lower than the previous version's $10 and $50. The optional fast mode is $16 per million input and $80 per million output, with the official stating token generation speed is up to about 2.5 times faster. Additionally, it was mentioned in pre-release testing that the new model was designed from scratch with three production-ready electronic devices, solved two unresolved physics problems related to black holes, and completed a formal proof of Fermat's Last Theorem within 30 hours.
Based on various AI testing websites, Claude's latest model is currently the undisputed "number one AI large model."
However, product updates and performance improvements do not guarantee smooth sailing in the capital markets. For Anthropic, which is nearing an IPO, there are far more questions it needs to answer.
ANT Pre-IPO Pricing Turmoil: Anthropic Withdraws a Pricing Document as IPO Approaches
The company confirmed in an official announcement on October 26 that it had submitted an S-1 to the U.S. Securities and Exchange Commission, intending to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley as underwriters. At the time, the number of shares and price range had not yet been determined. The underwriter list reported by CNBC that day included a total of 22 firms. It has been at least 15 calendar days since the public filing, entering a window where the company can interface with investors.
According to The Wall Street Journal, citing informed sources, the company still plans to proceed with the IPO this month, aiming for a December 19 or 20 listing on Nasdaq for trading. Notably, although the market had previously estimated its valuation to be nearly $2 trillion, due to the recent sell-off of AI stocks, the market currently expects a valuation of about $1.5 trillion, with the possibility of further adjustments down to $1.2-$1.3 trillion.
The unclear valuation has also led to today's "pricing document withdrawal turmoil."
According to Reuters, Anthropic had initially proposed a plan for about 867 million shares at $70 to $80 per share, raising a maximum of about $69.3 billion, before reports emerged that the pricing details were inaccurate and would be updated separately. An Anthropic spokesperson declined to comment on this.
Before the IPO, Anthropic's most recent round of H Series financing was completed on May 28 of this year. According to official announcements, it raised $65 billion, with a post-investment valuation of $965 billion, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.
The $65 billion includes $15 billion previously pledged by cloud vendors, which includes Amazon's $5 billion, and should not be equated with cash that is directly deposited. According to Anthropic's previous prospectus, it is clear that the cash-burning competition for AI large models is far from over, which is also seen as one of the main reasons Anthropic is eager to push for its IPO public offering.
On-Chain Perpetuals First Given "Fair Price"
Following the pricing turmoil for Anthropic, on-chain pricing for ANT also stirred a wave of turbulence.
Hyperliquid marked the price of ANT (IO) soaring to around $1748 at one point in the early hours, currently reported at $1651. According to this market pricing method, Anthropic's implied valuation is about $1.64 trillion, down about 12% from the closing price of $1865.4 on November 4. The 24-hour trading volume for this asset is approximately $50.96 million, with a nominal position of about $160 million.
Additionally, ANT (XYZ) had an expected per-share quote that peaked at $105 in the early hours, currently reported at $98.5, down about 1.32% in 24 hours. The 24-hour trading volume for this asset is about $38.53 million, with a position of about $81 million.
Meanwhile, on Lighter, ANTHROPIC's pre-IPO pricing once soared to $1726, currently reported at around $1648, differing by only about $3 from Hyperliquid (io), with a 24-hour trading volume of about $5.77 million and a position value of about $6.16 million, which is far less than the two previous major channels.
Overall, the current pre-IPO pricing for Anthropic remains contentious, but the valuation range still holds above $1.5 trillion. As for how the final pricing will play out, it remains to be seen until the official specific pricing document is provided.
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