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Anthropic IPO Roadshow Nears as Valuation FallsTechnology
Anthropic is expected to start its IPO roadshow next week, seeking to raise $80bn to $100bn, but investors are now discussing a valuation well below the $2tn figure sought earlier.
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Anthropic is expected to begin the roadshow for its initial public offering next week, but investors are now discussing a lower valuation for the artificial intelligence company after a sharp sell-off in technology stocks.
According to reports from the Financial Times, Anthropic is seeking to raise between 80 billion and 100 billion dollars in the offering, at a valuation of between 1.25 trillion and 1.75 trillion dollars, with a target of about 1.5 trillion dollars. That is below the 2 trillion dollar figure that its most bullish backers had sought earlier.
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CNBC reported on 6 November that some investors were lowering their expectations further, with one putting a more likely range at 1 trillion to 1.25 trillion dollars. Bloomberg reported the same day that prospective buyers were discussing 1.2 trillion to 1.3 trillion dollars, with some as low as 1.1 trillion dollars. The estimates could still change with market conditions, and Anthropic declined to comment on the reports.
The Information reported that Anthropic will proceed with the roadshow next week and is targeting a listing during the week of 16 November, ahead of the Thanksgiving holiday on 26 November. Reuters, however, reported that some investors doubt whether the roadshow can start on time and still allow a November listing after the recent market falls.
Anthropic, the maker of the Claude chatbot, announced on 26 October that it had filed the registration statement for its proposed offering of Class A common stock. Its amended prospectus, filed on 2 November, records an application to list the shares on the Nasdaq Global Select Market. The filing leaves the share count and price range undetermined, and the securities cannot be sold until the registration statement becomes effective.
The prospectus reports 17.0 billion dollars of revenue for the three months ended 30 September 2026, with year-over-year revenue growth of 1,127 percent. As of the same date, Anthropic had raised an aggregate 141.1 billion dollars of capital and held 95.6 billion dollars in cash and cash equivalents, along with 36.3 billion dollars in short-term investments.
The company’s last confirmed private valuation was 965 billion dollars, from a 65 billion dollar Series H round announced on 28 May 2026. Even at the lower end of the reported ranges, the public listing would therefore be priced well above that private round.
CNBC also reported that the planned offering faces a backlash against artificial intelligence and data centres after recent midterm election results, which the outlet described as a rebuke of data centre expansion. That political mood, combined with the wider technology sell-off, has weighed on valuation discussions in recent days.
If the roadshow goes ahead as planned, it will be one of the largest public offerings ever attempted, and a key test of investor appetite for artificial intelligence companies after a period in which their valuations rose very fast. The final price will only be known when Anthropic files a price range, which it has not yet done.
For now, the company is pressing ahead with its preparations, while investors wait to see whether the market steadies enough for the listing to proceed on the timetable reported this week.
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