Anthropic IPO investors are weighing a valuation as low as $1.2 trillion after a steep selloff in artificial intelligence stocks. The revised discussions place the AI company below earlier estimates and cast uncertainty over its planned November debut on the stock market.

Bloomberg reported on November 6 that prospective buyers were discussing a range of $1.2 trillion to $1.3 trillion, down from the $1.4 trillion to $1.5 trillion investors had previously considered. The IPO has no agreed valuation or final offering price. Some prospective investors have asked for a bigger discount before they commit, according to a report, and the issue could raise up to $100 billion, although that figure has not been finalized. At that size, the raise would exceed the largest IPO completed to date — Saudi Aramco's 2019 offering, which brought in roughly $29.4 billion. Anthropic has chosen not to comment on the questions surrounding the timeline of the listing.

The development was highlighted in a post on X:

ANTHROPIC IPO VALUATION SLASHED AFTER AI SELLOFF Anthropic's potential valuation has fallen from as high as $2 trillion to $1.2–$1.3 trillion amid a historic tech rout. Yet prediction markets still price a 79% chance of an IPO announcement before February 2027, despite growing… pic.twitter.com/LZgf4mFbFf

— *Walter Bloomberg (@DeItaone) November 6, 2026

Why Anthropic IPO Valuation Expectations Fell

The Nasdaq-100 fell 6.4% on November 5, erasing about $2.3 trillion in market capitalization in a single session. Nvidia shares tumbled as investors sold technology stocks, and the broad decline prompted a reassessment of the prices assigned to AI firms across the sector. IPO pricing is set against market conditions at the time of the offering, which is why a sector-wide repricing bears directly on a deal that has yet to fix its terms.

Some investors began doubting whether Anthropic's anticipated profits would be sufficient to justify the company's rising infrastructure-related costs. Reuters also cited political objections to building data centers and broader uncertainties as additional factors weighing on the IPO discussions.

Potential buyers had wanted to see October revenue figures before choosing the right price, but Anthropic's most recent filing did not disclose such information. According to Reuters, investors were trying to determine whether revenue had continued to grow despite its previous decline.

What Anthropic's IPO Filing Shows

An amendment filed with the SEC on November 2 lists the Nasdaq ticker ANT, with Goldman Sachs and Morgan Stanley acting as underwriters — the banks responsible for marketing the deal, gauging demand, and setting the final price alongside the company. The IPO prospectus does not specify either the offer price range or the number of shares, details that are typically locked in only after the roadshow concludes.

The firm generated $33.24 billion in revenue in the nine months ended September 30, a rise of $2.55 billion from the corresponding period in 2025. Revenue for the third quarter alone amounted to about $17 billion.

The filing indicated a net loss of $104.04 billion for the nine-month period. The vast majority of that sum consisted of noncash accounting adjustments associated with financing, and the operating loss was much smaller than the overall net loss. Specifically, the filing attributed $94.3 billion of the net loss to changes in the fair values of financing instruments, while an additional operating loss of $1.26 billion was recorded over the nine months. The two figures represent distinct measures of losses. Of the two, the operating loss is the measure that reflects the results of the company's underlying operations.

The filing also stated available liquidity of $146.6 billion as of September 30, consisting of the company's cash balance, short-term investments, and credit facility utilization. That financing position carries significance in view of the upcoming IPO.

Beyond that, Anthropic has committed $895.4 billion to computing and infrastructure expenses, of which about $69.8 billion was payable within one year of September 30. Those commitments extend well beyond the timeframe of the stock market offering. For perspective, the $895.4 billion total is nearly 27 times the revenue Anthropic recorded over the nine months ended September 30.

When Could the Anthropic IPO Take Place?

The roadshow had originally been scheduled to kick off in the week of November 9, with price-setting to follow about a week later, according to Reuters. Roadshows are typically where an issuer's management and its underwriters pitch the offering to institutional investors and gauge demand ahead of pricing. Potential investors have since raised concerns over the achievability of that timeline, although a November listing has not yet been officially ruled out. Markers to watch in the coming days include whether the roadshow starts on schedule, whether a subsequent SEC filing discloses the still-missing price range and share count, and whether prospective investors receive the October revenue data they have requested. Ultimately, the IPO's timing depends on how much interest prospective investors show in the company and what sale terms they agree on.

How Crypto Platforms Plan to Offer Exposure

On the crypto side, the Bitget exchange has unveiled a subscription service tied to the Anthropic IPO, with the public offering slated to go live on November 10 for eligible customers. Bitget reported that subscriptions will be based on the offering price and any applicable fees.

Ondo Finance is also preparing to launch a tokenized version of Anthropic on the first day of trading. The Ondo Stocks service is designed for eligible non-US investors. Products of this kind give eligible users equity exposure through crypto platforms rather than traditional brokerage accounts.

Neither of the crypto products dictates when Anthropic will list or what its valuation will be at that time. The IPO remains under active discussion because the company still needs to set pricing after the market decline.

Source: Tron Weekly