Anthropic IPO Faces Timing Doubts as Buyers Consider Lower Valuation

Investor discussions have raised questions about whether Anthropic can complete a November U.S. IPO, as prospective buyers consider valuations below earlier estimates for the artificial intelligence company.

Four people familiar with investor discussions questioned whether the company could begin its roadshow during the week of Nov. 9 and still list in November. One person familiar with those discussions said some prospective buyers were considering valuations as low as $1.1 trillion.

Potential buyers are also discussing a valuation of $1.2 trillion to $1.3 trillion. Investors had previously told IPO bankers they viewed about $1.4 trillion to $1.5 trillion as fair. Those are investor assessments, not an Anthropic valuation or offering term, and follow earlier investor resistance to the valuation.

Anthropic has not announced a delay. In an Oct. 26 announcement, the company said it intends to list Class A shares on the Nasdaq Global Select Market under the symbol ANT. It has not announced a roadshow or listing date.

“The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined,” Anthropic said in the announcement.

Anthropic’s Nov. 2 amended registration statement put revenue for the three months ended Sept. 30, 2026, at $17.0 billion and the operating loss at $567 million. It also listed approximately $895.4 billion in aggregate committed spending as of and subsequent to Sept. 30, including about $69.8 billion due over the following 12 months. Substantially all of those commitments relate to compute and infrastructure.

Anthropic has not disclosed a fundraising target, share count, price range or date for either the roadshow or listing.