Anthropic IPO buyers see valuation as low as $1.1T
Bloomberg reported on November 6 that prospective buyers in Anthropic's planned initial public offering are discussing a valuation of $1.2 trillion to $1.3 trillion, and some are weighing $1.1 trillion, according to people familiar with the matter. That range sits below the $1.4 trillion to $1.5 trillion that investors had previously discussed with bankers, and far below the roughly $2 trillion some floated in early October. The reset followed a steep selloff in AI stocks after the midterm elections, with the Nasdaq 100 falling more than 6% in one session on Thursday.
Formal IPO marketing is expected to begin next week, and no final price or timing has been set. The Wall Street Journal reported the same day that major investors doubt Anthropic can reach the $1.5 trillion it had been expecting, and that the company could raise less than its target of up to $100 billion, perhaps around $80 billion, or delay the deal. Anthropic filed to list on Nasdaq under the ticker ANT and had aimed to go public the week before Thanksgiving. Its last private valuation was $965 billion, set in a $65 billion funding round in May. Polymarket traders put the odds of a listing by November 20 at 43% on Friday, against 71% for a listing by year-end.
Why it matters
For founders and operators, the IPO price becomes a public reference point. A drop from talk of about $2 trillion to around $1.2 trillion shows how quickly public sentiment can reprice a company, which matters for anyone whose valuation is anchored to recent private rounds, such as the $965 billion mark set in May.
For investors and lenders, the deal tests whether a frontier lab can raise a very large sum while AI stocks are under pressure. A November 2 filing disclosed roughly $895.4 billion in purchase commitments and leases, according to Forbes, so the capital needs behind the valuation are large. Funders will watch whether a conservative price clears the market, since the result sets expectations for other AI listings and late-stage rounds.
Key points
- 1Bloomberg reports buyers discussing $1.2 trillion to $1.3 trillion, with some weighing $1.1 trillion.
- 2Early October talk reached as high as $2 trillion, and investors later discussed $1.4 trillion to $1.5 trillion.
- 3The Nasdaq 100 fell more than 6% on Thursday, after the midterm elections.
- 4Anthropic's last private valuation was $965 billion, set in a May funding round.
- 5Polymarket put odds of a listing by November 20 at 43%, versus 71% for the year.
