Three major investors planning to participate in Anthropic’s initial public offering told the Wall Street Journal that the AI company’s expected $1.5 trillion valuation will likely need to be reduced. One investor suggested a valuation closer to $1 trillion following a sharp market downturn that sent the Nasdaq 100 down 6.3 percent on Thursday.
Potential Fundraising Cut
Anthropic filed last month to list on the Nasdaq under the ticker "ANT" and had aimed to go public the week before Thanksgiving, seeking to raise up to $100 billion. However, one investor indicated the company could raise less than planned, perhaps around $80 billion. Another investor questioned whether Anthropic might delay the offering until market conditions improve.
Executives and advisers are expected to meet in the coming days to discuss these plans, according to the report. The company’s annualized revenue run rate topped $80 billion at the end of October, and it held $146.6 billion in cash as of September 30, the Journal reported.
Market Volatility and Analyst Views
The reassessment follows a severe sell-off in U.S. equity markets. On Thursday, the S&P 500 closed down 4.4 percent and the Nasdaq 100 fell 6.3 percent, their worst days since April 2025. The Philadelphia semiconductor index slid 12.3 percent, while Nvidia dropped 9.2 percent. Stocks partially recovered on Friday morning, with the Nasdaq Composite up 1.4 percent by 11:21 a.m. ET.
Technology analyst Richard Windsor told the Telegraph that a delay to Anthropic’s IPO is now an "escalating risk." Nalin Patel, an analyst at PitchBook, stated that a postponement would protect against near-term valuation risks and would be more likely if the correction sustains.
Prediction markets reflect growing uncertainty. On Polymarket, the odds of Anthropic listing by November 20 stood at 43 percent on Friday, while the chance of a listing by year-end was 71 percent. On Kalshi, the probability of Anthropic confirming its IPO before December 1 fell to 59 percent.
