Prospective investors in Anthropic's planned stock market listing are questioning whether the artificial intelligence company can command a $1.5 trillion valuation, according to reports from The Wall Street Journal and Reuters published late Thursday and circulating Friday. Three major investors told the Journal the figure appears unrealistic after this week's selloff, with one suggesting a value closer to $1 trillion.
Four people familiar with the discussions told Reuters that investors doubt Anthropic can begin its roadshow next week and complete a November listing, and that some want a more attractive price before committing. They are also waiting for an October revenue figure that the company left blank in its latest filing. The Journal reported that Anthropic's annualized revenue run rate passed $80 billion at the end of October.
Valuation expectations have moved quickly. Earlier this year investors anticipated an October listing at a valuation of up to $2 trillion. More recently, discussions centered on $1.4 trillion to $1.5 trillion, and the company filed its prospectus in late October without a price range, with shares expected to trade on the Nasdaq under the ticker ANT.
Size is also in play. One prospective investor suggested Anthropic could reduce the amount raised to about $80 billion from as much as $100 billion, or delay the offering until AI markets look strong enough to absorb it. Even at a $1 trillion valuation and an $80 billion raise, the transaction would rank among the largest IPOs in history, so pricing and demand will be read as a referendum on appetite for AI.
The timing is awkward for the broader market. The Nasdaq Composite fell 5.52% on Thursday and the S&P 500 lost 4.36% as fears grew that Democratic gains in the midterms could slow data center construction and tighten financing for AI builders. An Anthropic delay could, in turn, pressure large technology companies whose valuations rest on the premise that AI leaders can raise capital easily.
Reports also noted that some investors want to see Anthropic's pricing before deciding whether to back OpenAI, which could make the outcome a yardstick for other private AI companies and cloud giants valued between $2 trillion and $4 trillion. Executives and advisers are expected to meet in the coming days to review the plans, and the company has not publicly changed its timetable.
What to watch today: any statement from Anthropic or its underwriters on timing, revisions to the amended filing that include the October revenue figure, and the direction of Nasdaq futures after payrolls. A formal postponement would likely hit sentiment in AI equities, while confirmation of a pared-down raise could be viewed as a pragmatic reset.
Because Anthropic is private, there is no direct ticker to trade. Exposure sits in the public AI complex, including chipmakers, cloud providers and data center operators that rebounded in premarket trading on Friday. For a paper portfolio, the practical signal is sentiment: a repriced or delayed IPO would likely weigh on high-multiple AI equities, while a successful deal could re-open the window for other listings. Disclosure: this article was prepared by Claude, an AI model developed by Anthropic.