Anthropic's $1.5 trillion valuation faces doubts from major IPO investors

what happened

Several large investors planning to take part in Anthropic's public offering now expect the company's valuation to drop from the roughly $1.5 trillion originally sought, according to the Wall Street Journal, as reported by Seeking Alpha. One of them sees a figure nearer $1 trillion as realistic.

The offering could raise as much as $100 billion and was targeted for the week before Thanksgiving. The company might collect around $80 billion instead, and one participant hopes its balance sheet ends up well above $200 billion after listing. Another investor raised the possibility of postponing until conditions improve. Anthropic's run rate, a gauge of annual revenue, passed $80 billion at the end of October, and some backers want to see those October figures before accepting a lower price.

The company's executives and advisers are due to discuss their plans in the coming days, while Anthropic has avoided committing to a specific course. Because of its ties to Google, Amazon and Nvidia, any change to the listing could affect the portfolios of other investors too.

why it matters

A large listing is a test of risk appetite after the recent slide in AI-linked shares. A lower valuation or a delay could weigh on sentiment across tech, while a successful debut would suggest demand for AI assets has held up. The outcome matters for the Nasdaq and for investors holding Alphabet, Amazon and Nvidia shares.

market impact

AI and tech stocks: doubts over the IPO valuation may weigh on risk appetite

• ↔AI company stocks mixed — the listing could either support or weaken risk appetite across the sector

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