Anthropic IPO valuation falls to $1.2–$1.3 trillion as investor appetite wanes
Key Facts
Potential investors are discussing a valuation of $1.2 trillion to $1.3 trillion for an IPO of Claude developer Anthropic, according to a Bloomberg report republished by Investing.com on November 6. The final valuation has not yet been settled, the report said, and discussions have retreated from higher levels floated in recent weeks. This comes as technology stocks face acute pressure, alongside geopolitical uncertainty weighing on expectations for new listings. Some earlier estimates put the valuation at $1.4 trillion to $1.5 trillion, after discussions reached $2 trillion in early October. Market conditions and the company’s growth trajectory have therefore become key factors in determining whether investors will accept the IPO valuation and timetable.
Updated disclosure figures show the company combining rapid revenue growth with large accounting losses. Anthropic revenue rose to $33.2 billion in the first nine months of 2026, a 13-fold increase, according to the Associated Press. But the company recorded a net loss of $104 billion over the same period, including $94 billion related to an accounting adjustment to financing agreements. In the third quarter alone, revenue was $17 billion, against a loss of $23.3 billion. The figures place operating growth alongside financing and accounting costs, factors that feature in the valuation of a company seeking a broad public offering.
The investor test also extends to the scale of spending Anthropic has committed to expand its computing capacity. The company said it had committed to spending $895.4 billion on computing and AI infrastructure, including data centers, with $70 billion due over the next twelve months. Market concerns link high borrowing costs with political objections to building new data centers. The Associated Press said any slowdown in construction of those facilities could mean fewer purchases of AI chips. That puts infrastructure commitments at the center of the valuation debate, alongside the question of whether revenue can continue to expand.
The reassessment followed a sharp sell-off in U.S. markets on Thursday, November 5. The S&P 500 fell 4.4%, its worst daily performance since market turmoil in April 2025, while the Nasdaq Composite dropped 5.5%, according to the Associated Press. The agency also reported that Tokyo and Seoul indexes each lost 6% on Friday, November 6, after Wall Street’s decline, before the global sell-off paused as U.S. markets stabilized somewhat. Market reports linked the pressure to concerns about data-center financing and the possibility of slower chip demand. The climate reflects broader caution toward companies tied to AI, but does not by itself settle the valuation Anthropic will adopt.
The IPO timetable remains subject to change as discussions continue over the company’s value and the size of the financing. IPO marketing had been expected to begin during the week of November 9, with pricing to follow the next week, according to Reuters. Investors have questioned whether the steps can proceed in preparation for a November listing, amid technology-stock volatility and geopolitical uncertainty. The report said options under consideration include lowering the fundraising target or delaying the IPO, with no final decision made. Investors are also awaiting October revenue, which the company left blank in the updated version of its S-1 filing, to assess whether growth accelerated after a slowdown in recent months. Anthropic had previously announced that it planned to list its shares on the Nasdaq Global Select Market under the symbol ANT.