Prospective investors in Anthropic’s initial public offering are lowering the price they are willing to pay, discussing a valuation of roughly $1.2 trillion to $1.3 trillion and in some cases as little as $1.1 trillion, according to people familiar with the deliberations, after a steep selloff in technology stocks.
The range marks a sharp retreat from early October, when investors floated values as high as $2 trillion. After a company briefing on its financial results later that month, expectations settled around $1.4 trillion to $1.5 trillion. The latest discussions are still under way and no terms have been fixed. Anthropic declined to comment on the talks.
A selloff resets the math
The Nasdaq 100 dropped 6.4% on Thursday, erasing about $2.3 trillion of market value in a single session, while the Cboe Volatility Index climbed to its highest level since April 2025. Investors are reassessing the cost of AI data-center buildouts and the possibility of tougher scrutiny after Democrats swept Congress in the midterm elections.
Anthropic’s amended registration statement showed $33.24 billion of revenue for the first nine months of 2026. The company was valued at $965 billion in a private round in May and plans to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, as previously reported.
Options on timing
The company had aimed to list before the Nov. 26 Thanksgiving holiday, with a roadshow that could begin the week of Nov. 9. Anthropic and its selling shareholders could start marketing with a smaller offering and a conservative price range and lift both if early demand is strong, people familiar with the matter said. A delay is also possible; issuers must have filings public for at least 15 calendar days before formal marketing, and some wait longer.
The reset comes as rival OpenAI closed $11 billion of private funding at a $1.25 trillion valuation, giving bankers a fresh private-market comparison as they set Anthropic’s range.
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