Talk of Anthropic Valuation at $1.1 Trillion Puts Pressure on Timing of Expected IPO
Key Facts
Anthropic’s initial public offering plan is facing skepticism from potential investors, as a roadshow that was scheduled to begin the week after a Reuters report published on November 5 approaches, ahead of a targeted listing in November. On November 6, Bloomberg reported that potential buyers were discussing a valuation range of $1.2 trillion to $1.3 trillion, while some were considering a value of as much as $1.1 trillion. Reuters said some investors view the $1.5 trillion valuation discussed recently as the upper end of their expectations. These figures reveal a widening gap between potential trading valuations and the more optimistic expectations that prevailed earlier in the year. The available information does not establish that the roadshow had begun by November 8; Reuters had described it as planned for the following week.
Caution around the valuation reflects weak market appetite for new listings at a time when technology stocks have come under heavy selling pressure, alongside geopolitical uncertainty. Reuters reported that more than 50 technology stocks in the S&P 1500 fell 10% or more during the selloff cited in its report. Technology stocks also underperformed the S&P 500 by 10.7% in the month before the report. Reuters quoted Keith Lerner as saying the relative decline was the sharpest since May 2002. The news agency said both factors had affected expectations for new listings, increasing investor sensitivity to the timing of Anthropic’s listing and the proposed valuation.
The company’s valuation also depends on its ability to turn revenue growth into more sustainable financial performance, against figures that combine rapid expansion with large losses. Associated Press said revenue reached $33.2 billion in the first nine months of 2026, a 13-fold increase. In the same period, the company recorded a net loss of $104 billion, including $94 billion related to an accounting adjustment to financing agreements. On a quarterly basis, revenue reached $17 billion in the third quarter of 2026, while the loss came to $23.3 billion. These figures give investors different indications of the scale of the business and its cost, as buyers await more recent data to assess the growth trajectory.
Infrastructure commitments add another dimension to the valuation calculations. AP reported that Anthropic committed to spending $895.4 billion on computing and AI infrastructure, including data centers. Of that total, $70 billion is due to be spent during the 12 months following the November 2026 disclosure date. Meanwhile, a Reuters report said investors are waiting for the October revenue figure, which was left blank in the updated registration filing, to assess whether growth has recovered after a slowdown in recent months. The awaited figure is a key input for buyers weighing revenue growth against losses and capital needs. The filing did not specify how much money the company is seeking to raise or the share price at listing.
Investor expectations earlier in 2026 pointed to an October offering and a valuation of as much as $2 trillion, before the discussion shifted to lower levels as the planned November listing approached. In an earlier report, Reuters said Anthropic expected revenue of $190 billion to $200 billion in 2028, and that bankers and investors were using enterprise-value-to-expected-revenue multiples to estimate the company’s value. Reuters said the offering could reach $100 billion, according to estimates from some sources, but could be delayed if AI-related assets remained under pressure. The news agency quoted sources as saying the company might wait until the market was better able to absorb an offering of that size. The roadshow was initially expected during the week of November 9, with pricing expected the following week, while the company had previously said it would list its shares on the Nasdaq Global Select Market under the ticker ANT.