Investors press Anthropic to cut $1.5 trillion IPO valuation
Seven Lights
Investors preparing to buy into Anthropic’s planned initial public offering are pressing the artificial-intelligence company to cut its target valuation of roughly $1.5 trillion, with some urging a figure closer to $1 trillion, people briefed on the discussions said.
The company had been preparing to list in November at about $1.5 trillion, down from $2 trillion discussed earlier, the International Business Times reported, citing four people. Some of those briefed said the investor roadshow planned for the week of Nov. 9 may be delayed. The Wall Street Journal reported that three prospective investors judged the price would need to fall further; one suggested about $1 trillion, and another proposed selling fewer shares and raising roughly $80 billion instead. Bloomberg coverage put the level investors are weighing at as low as $1.2 trillion.
The pushback follows a broad sell-off in technology shares after Tuesday’s midterm elections. Anthropic has not announced a delay and declined to comment on the discussions.
The offering would test how much public markets will pay for an artificial-intelligence laboratory whose growth is bound to enormous spending on computing power. Anthropic generated $33.2 billion in revenue in the first nine months of 2026, up 1,206 percent from the same period a year earlier, with third-quarter revenue of about $17 billion, its amended SEC filing showed. It reported a net loss of $23.3 billion for the quarter and $104 billion for the nine months, most of it tied to accounting adjustments on financial instruments rather than operating expenses. The company also disclosed some $895 billion of commitments, largely for computing and infrastructure, with nearly $70 billion due within 12 months of Sept. 30. Investors have questioned how quickly that spending can become profit. Betting markets tracked by CNBC showed falling odds of a near-term listing after the sell-off.
Thursday’s trading sent the Nasdaq down more than 5 percent, with semiconductor and AI-infrastructure companies hardest hit; more than 50 technology stocks in the S&P 1500 fell at least 10 percent. IBTimes reported that Democrats’ midterm victories also raised investor questions about possible restrictions on AI infrastructure, after voters in several states backed local measures limiting data-center development.
A delay would push the largest technology listing of the year into 2027 and give rivals time to price their own entries. The company’s bankers were reviewing feedback from anchor investors as of Friday.