Major investors have expressed skepticism that Anthropic can secure a $1.5 trillion valuation in its upcoming initial public offering, according to a report from the Wall Street Journal. The caution surrounding the artificial intelligence company's market debut reflects a measured approach amid volatile technology markets and ongoing concerns about valuations across the AI sector. Because institutional investors are typically the primary buyers of shares in a public listing, their willingness to pay a given price is a central input into where an IPO is ultimately priced.

Anthropic, the company best known for its Claude AI model, is targeting a listing on the Nasdaq. However, it faces uncertainty in meeting its high valuation expectations. Market pricing suggests a potential shift toward lower valuation expectations for the company's IPO, while the firm's reported revenue and broader AI market conditions appear to be influencing investor sentiment — pointing to a possible downward adjustment from earlier valuation estimates. Public-market investors commonly benchmark IPO valuations against a company's revenue, and gaps between a company's target and the price large investors are prepared to pay frequently result in revised expectations before shares begin trading.

Background on Anthropic

Founded in 2021 by former OpenAI researchers, including CEO Dario Amodei and President Daniela Amodei, Anthropic has grown into one of the most prominent developers of large language models. The San Francisco-based company has drawn backing from major technology companies, including Amazon and Google, and its Claude family of AI models is used across enterprise and consumer applications, competing with offerings from OpenAI, Google, and other AI developers. As capital has concentrated in AI development, scrutiny of whether sector revenues support headline valuations has become a recurring theme in public markets — the backdrop against which Anthropic's listing is being assessed.

What to Watch

Observers are expected to monitor Anthropic's formal IPO filings for any adjustments to its valuation targets, which could reshape market expectations. Such filings typically include detailed financial disclosures, giving institutional investors concrete revenue and spending figures to weigh against the company's targeted valuation. Developments across the AI industry, including regulatory considerations and shifts in market sentiment, may also influence the company's IPO prospects. Key figures in the process, such as lead underwriters and strategic investors, may provide additional guidance on Anthropic's valuation trajectory as the listing approaches; investor feedback gathered by underwriters ahead of a debut is a standard input into final pricing decisions.

The original report was published by CryptoBriefing, citing the Wall Street Journal.