Anthropic IPO Could Raise About $80 Billion or Be Delayed

Anthropic’s potential initial public offering could raise about $80 billion rather than up to $100 billion, or be delayed while market conditions remain unfavorable, as investors question its $1.5 trillion valuation.

The possible $80 billion raise would be below the up-to-$100-billion amount contemplated for the offering. Anthropic could also postpone the deal if market conditions remain unfavorable.

A selloff tied to the unwinding of artificial-intelligence trades has increased skepticism about the valuation target. One investor sees a valuation closer to $1 trillion, echoing earlier investor resistance to the $1.5 trillion target.

Some prospective investors want to review Anthropic’s October results before deciding whether to participate. Investors also worry that changes to the offering could affect other holdings because of Anthropic’s ties to Google, Amazon and Nvidia.