Some Anthropic IPO Investors Now Discuss a $1.2 Trillion to $1.3 Trillion Valuation

That is lower than the $1.4 trillion to $1.5 trillion range discussed earlier, and well below the figures of around $2 trillion that some investors had floated in early October, according to the reports. Bloomberg's source said that "no final decisions have been made, and discussions remain ongoing." Anthropic declined to comment.

The repricing would cut several hundred billion dollars from the expected value of what would be one of the largest listings on record, and it shows how quickly the week's rout in AI and chip stocks has fed through to private markets. The Nasdaq 100 fell 6.4% on Thursday, its largest one-day drop on record, and the Cboe Volatility Index climbed to its highest level since April 2025, according to Investing.com. Investors sold AI infrastructure stocks after Democratic gains in the US midterm elections raised the prospect of tighter rules and local opposition to new data centres.

The Wall Street Journal reported separately that major investors were increasingly doubtful the company could achieve a $1.5 trillion valuation, with one suggesting a price closer to $1 trillion. The Journal said the offering could be scaled back or delayed, putting a roadshow planned for next week and a November debut in doubt. It also reported that Anthropic's annualised revenue run rate topped $80 billion at the end of October.

The new discussions suggest buyers are trying to lower the price rather than walk away. Investors' concerns centre on the scale of spending on AI infrastructure, the returns on data centre investments, and political and regulatory resistance to new facilities, according to Investing.com.

Demand for the shares has been strong in the run-up to the listing. Mutual funds already hold more than $15 billion of Anthropic stock from private rounds, and the company's own infrastructure deals have grown in parallel; on Friday data centre operator TeraWulf reported that its 20-year, 401 MW lease with Anthropic in Kentucky is worth about $19 billion in contracted revenue.

Anthropic has not publicly set a price range or a date for the offering. Whether the roadshow begins next week as planned is the next indication of how far the market turmoil has shifted the company's timetable.