Investors question Anthropic’s $1.5 trillion IPO valuation and November timetable

Potential investors are questioning whether Anthropic can begin its planned IPO roadshow the week of November 9, Reuters reported on November 5. Their doubts put the timetable under scrutiny alongside the price: major investors also doubt the company can secure an expected $1.5 trillion valuation after a sharp selloff in AI-related assets, according to The Wall Street Journal.

The offering has been expected to raise up to $100 billion. The Journal reported that Anthropic is aiming for an IPO the week before Thanksgiving, while Reuters said pricing had been expected the week after the roadshow begins.

Anthropic declined to comment to Reuters. The company has not announced a delay; the immediate development is resistance among potential buyers, rather than a decision to postpone the listing.

The price meets the capital need

Investors are pushing for a more attractive valuation before committing, according to people familiar with discussions cited by Reuters. Some see the recently discussed $1.5 trillion figure as the high end of expectations.

The bargaining pressure goes beyond the market’s mood. Reuters’ sources said investors recognize Anthropic’s need to raise capital, given its record of quarterly losses and large commitments to partners in the AI buildout. Those obligations could strengthen demands for a bigger discount to secure investor commitments.

Expectations were higher earlier in the year: Reuters said investors had at one point anticipated an October IPO seeking as much as a $2 trillion valuation.

A lower price might not settle the timing

Reuters described the technology selloff as the sharpest in a year, with geopolitical uncertainty also clouding the outlook for new offerings. Its sources said continued pressure on AI-related assets could lead Anthropic to wait for a market better able to absorb the proposed sale.

Wall Street still expects Anthropic and investors to agree on a valuation, Reuters said, though that would not guarantee an IPO by year-end.

Investor appetite has not vanished. Reuters reported that many investors remain bullish on the AI buildout, while some analysts expect strong retail demand for Anthropic shares.

Investors await October revenue

Anthropic filed an amended stock-offering registration statement on November 2, according to the SEC filing record. But its October revenue figure was left blank in the updated document, two people told Reuters.

Prospective investors want that number to assess whether growth has picked up after a slowdown in recent months, those people said.