Anthropic IPO Valuation Talks Fall to $1.2T After AI Stock Selloff

Anthropic IPO investors are discussing a valuation as low as $1.2 trillion following Thursday’s sharp selloff in AI stocks. The figure is below the $1.5 trillion previously considered, while the company’s November listing schedule faces growing pressure.

Anthropic IPO investors push for lower valuation

According to a Bloomberg report on Friday, prospective investors are discussing a valuation between $1.2 trillion and $1.3 trillion. Before the selloff, investors had discussed a range of $1.4 trillion to $1.5 trillion with bankers. Three prospective investors also told The Wall Street Journal that the original valuation would be difficult to support.

One investor suggested a figure closer to $1 trillion, while another raised the possibility of a smaller offering. Anthropic had been considering raising up to $100 billion, but $80 billion has emerged as another possible amount.

Anthropic filed for a Nasdaq listing two weeks ago, with plans to trade under ANT. Its November 2 amended filing still contained no final offering price or share count. Goldman Sachs and Morgan Stanley are leading the underwriting process.

AI stock selloff raises questions over IPO pricing

Thursday’s market decline added pressure on the planned offering as investors reassessed valuations across the technology sector. The Nasdaq-100 fell 6.4%, erasing approximately $2.3 trillion in market value, while Nvidia shares lost 9.2%.

Investors have also become concerned about the cost of building AI infrastructure and the returns companies can generate. Proposed restrictions on data center construction following the U.S. midterm elections have added another concern for technology companies.

Anthropic reportedly held $146.6 billion in cash at the end of September, while its annualized revenue run rate exceeded $80 billion in October. Some prospective investors want to review the company’s October financial results before agreeing to revised IPO terms.

Before the latest valuation concerns, Anthropic had outlined plans to sell up to $3.5 billion in shares to Japanese investors. The November 2 filing showed that the money would help cover operating expenses, working capital and capital investments.

Polymarket traders reassess Anthropic IPO date

Anthropic had initially planned to begin its roadshow during the week of November 9, with pricing expected the following week. However, Reuters reported that prospective investors are questioning whether the company can maintain that schedule.

On Polymarket, traders assigned a 71% chance to Anthropic going public before 2027. Interest in the offering has also reached crypto platforms, with crypto exchange Bitget recently introducing an Anthropic-linked subscription product, with public subscriptions scheduled to open November 10.

Ondo Finance has also announced plans to bring Anthropic shares onchain when the AI company makes its stock market debut. In a November 6 post, Ondo said it would tokenize Anthropic shares through Ondo Stocks on IPO day.

The planned launch follows Ondo’s earlier rollout of a service that provides tokenized exposure to newly listed U.S. companies. The platform allows eligible investors outside the U.S. to access tokens tracking publicly traded shares through blockchain networks.