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Australian Super Fund Chiefs Question Anthropic IPO Valuations

October 29, 2026 at 02:10 EDT

Funding & M&A
Finance

Australian investment chiefs are divided over the valuations discussed for Anthropic as the AI company prepares for a potential public listing. One UniSuper executive said it was difficult to see how earnings could justify figures of $1 trillion to $2 trillion, while Aware Super’s chief investment officer said AI demand is real but investors must choose carefully where to take exposure. Super Review

OCTOBER 2026 · ANTHROPIC IPO

A trillion-dollar valuation test

Australian super fund leaders see real AI demand, but disagree on whether the valuations being discussed can be justified by future earnings.

Valuation levels under scrutiny

A UniSuper investment chief questioned the earnings needed to support the figures discussed for Anthropic and OpenAI.

$1T

Lower figure discussed

$2T

Upper figure discussed

Investor divide: AI demand is viewed as real, while earnings and valuations remain contested.

Opportunity

Aware Super’s CIO described demand for AI computing as real and favored diversified, selective exposure.

Valuation risk

UniSuper’s CIO questioned whether future earnings could support the figures being discussed.

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