Investors Push Anthropic IPO Valuation Lower

The Wall Street Journal reported that institutional investors expected to buy Anthropic shares are pushing for an IPO valuation near $1.5 trillion, below the roughly $2 trillion previously expected. The guidance came over the past several days, after last week’s tech selloff. Investors cited volatile markets, concerns about concentrated AI exposure, political opposition to new data centers and doubts about when Amazon and Meta Platforms can make their AI spending profitable.

Anthropic has not settled on a valuation target or the number of shares it will sell, according to the report. Its investor roadshow could begin as soon as next week, with the listing on track for the week before Thanksgiving. The company is expected to propose a price range rather than one fixed price.

Reuters reported on Oct. 15 that some investors who attended Anthropic’s investor day in San Francisco had discussed a valuation around $1.5 trillion, down from roughly $2 trillion previously expected. Revenue had more than doubled to $11.6 billion in the second quarter, then grew 45% in the third quarter, Reuters reported. The article says the market worsened between those discussions and the latest push from institutions expected to buy shares.

An amended filing with the SEC shows Anthropic revenue of $17.0 billion for the three months ended Sept. 30, compared with $376 million in the first quarter of 2025. Revenue for the first nine months of 2026 was $33.2 billion, up 1,206% year over year. About $600 million in price cuts, tied to new model versions and contractual discounts, partly offset third-quarter usage gains. The filing lists approximately $895.4 billion in combined purchase commitments and leases, mostly for computing and infrastructure; about $447.5 billion is expected before the end of 2030, with nearly all the rest due between 2031 and 2045.

The Journal reported that some investors expect Chief Financial Officer Krishna Rao to set a conservative IPO price to support a first-day gain for buyers; some believe a debut near $1.5 trillion could rise toward $2 trillion by the end of the first session. Reuters reported that a cooler reception could weigh on the wider AI market. The article says investors see near-term prospects hinging largely on this sale, followed by OpenAI’s potential listing next year. Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup lead the underwriter list in the filing.

The Wall Street Journal reported that institutional investors expected to buy Anthropic shares are pushing for an IPO valuation near $1.5 trillion, below the roughly $2 trillion previously expected. The guidance came over the past several days, after last week’s tech selloff. Investors cited volatile markets, concerns about concentrated AI exposure, political opposition to new data centers and doubts about when Amazon and Meta Platforms can make their AI spending profitable.

Anthropic has not settled on a valuation target or the number of shares it will sell, according to the report. Its investor roadshow could begin as soon as next week, with the listing on track for the week before Thanksgiving. The company is expected to propose a price range rather than one fixed price.

Reuters reported on Oct. 15 that some investors who attended Anthropic’s investor day in San Francisco had discussed a valuation around $1.5 trillion, down from roughly $2 trillion previously expected. Revenue had more than doubled to $11.6 billion in the second quarter, then grew 45% in the third quarter, Reuters reported. The article says the market worsened between those discussions and the latest push from institutions expected to buy shares.

An amended filing with the SEC shows Anthropic revenue of $17.0 billion for the three months ended Sept. 30, compared with $376 million in the first quarter of 2025. Revenue for the first nine months of 2026 was $33.2 billion, up 1,206% year over year. About $600 million in price cuts, tied to new model versions and contractual discounts, partly offset third-quarter usage gains. The filing lists approximately $895.4 billion in combined purchase commitments and leases, mostly for computing and infrastructure; about $447.5 billion is expected before the end of 2030, with nearly all the rest due between 2031 and 2045.

The Journal reported that some investors expect Chief Financial Officer Krishna Rao to set a conservative IPO price to support a first-day gain for buyers; some believe a debut near $1.5 trillion could rise toward $2 trillion by the end of the first session. Reuters reported that a cooler reception could weigh on the wider AI market. The article says investors see near-term prospects hinging largely on this sale, followed by OpenAI’s potential listing next year. Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup lead the underwriter list in the filing.