Anthropic IPO Valuation Estimates Fall to $1.3 Trillion: Report
Prospective investors in Anthropic’s initial public offering are reportedly lowering their valuation estimates to $1.2 trillion to $1.3 trillion following a selloff in technology stocks, with some considering as little as $1.1 trillion.
The discussions come ahead of formal marketing expected to begin during the week of Nov. 9, according to Bloomberg’s report on Friday, which cited people familiar with the matter. Deliberations remain ongoing, and no final decisions have been made.
The latest range represents another retreat from the $1.4 trillion to $1.5 trillion that potential buyers had previously indicated to bankers. Some investors had estimated a fair valuation as high as $2 trillion in early October, before lowering their assessments following a briefing on the Claude developer’s financial results.
A valuation of $1.2 trillion to $1.3 trillion would be 35% to 40% below that October high. It would still exceed the $965 billion post-money valuation Anthropic secured in its most recent announced financing. The company said on May 28 that it had raised $65 billion in a round led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
The reassessment followed a 6.4% plunge in the Nasdaq 100 on Nov. 5 that erased $2.3 trillion in market value, according to Bloomberg. The report linked the post-election pressure on AI stocks to concerns that Democratic control of Congress could bring greater scrutiny of data-center expansion.
Anthropic’s offering would give public-market investors a direct opportunity to value a leading AI model developer, testing their appetite for rapid growth accompanied by substantial infrastructure obligations.
The company’s Nov. 2 amended IPO filing reported revenue of $33.2 billion for the first nine months of 2026, compared with $2.5 billion a year earlier. Its operating loss narrowed to $1.3 billion from $5.2 billion.
The same filing disclosed approximately $895.4 billion in purchase commitments and lease agreements, substantially all related to computing and infrastructure. About $69.8 billion was due in the 12 months following Sept. 30, 2026, while much of the remainder extends into later years.
Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. Its preliminary prospectus leaves the offering price and share count unspecified, meaning the reported valuation discussions have yet to become formal pricing terms.
