Anthropic's IPO price tag slides toward $1.2 trillion as investors balk after the AI selloff

A month ago, Anthropic’s stock market debut looked like a coronation. Investors were talking about a valuation near $2 trillion for the company behind Claude, and bankers were lining up what would be the largest public offering in history. That coronation is now a negotiation — and the price keeps moving in one direction.

Bloomberg reported on November 6 that prospective buyers are discussing a valuation of $1.2 trillion to $1.3 trillion, citing a person familiar with the talks. The Wall Street Journal reported a day earlier that three major investors planning to take part think the price needs to come down, with one suggesting a level closer to $1 trillion. Nothing is final. But the direction is unmistakable, and the timetable is suddenly uncertain too.

A month of sliding numbers#

The figures under discussion have fallen at every step of the autumn. Only the first number in the sequence comes from a priced deal; the rest are investor discussions reported by Bloomberg, Reuters, and the Journal.

Even at the lower end of the current range, the listing would still value Anthropic above the $965 billion post-money figure set by its $65 billion funding round in May. At $1 trillion, it would sit barely above that level. The size of the raise may shrink as well: one investor suggested the company could raise about $80 billion instead of as much as $100 billion.

What spooked the buyers#

The immediate cause is the selloff in AI shares. On Thursday, November 5, the Nasdaq Composite fell 5.52%, and the Nasdaq 100 fell 6.4%, wiping out about $2.3 trillion in market value — the largest one-day dollar fall on record for the index. Chip stocks had their second-worst day in records going back to 1994. Investors began asking whether the enormous spending on AI data centres and computing power will pay off fast enough.

Anthropic’s own filing gives both sides of that question. In the three months ended September 30, the company reported revenue of about $17 billion, up roughly 47% from the second quarter. But it also posted a $567 million operating loss in the quarter, after a $974 million operating profit the quarter before, and its filing lists about $895.4 billion in future spending commitments, almost all of it for computing and infrastructure. The balance sheet is not the problem — Anthropic held $95.6 billion in cash and $36.3 billion in short-term investments at September 30 — but the combination of slowing growth and vast committed spending gave buyers a reason to ask for a lower entry price.

The blank number in the filing#

Investors are also waiting on a number Anthropic has not yet provided. Its amended prospectus, filed on November 2, leaves out the price range, the number of shares to be sold, and its October run-rate revenue — the figure is literally blank in the filing, reading “our Run-Rate Revenue was $ as of October 31, 2026.”

Run-rate revenue is Anthropic’s estimate of yearly revenue, calculated by multiplying the last 28 days of consumption fees by 13 and monthly subscription fees by 12. The filing itself says the measure is not a substitute for revenue prepared under accounting standards. It matters because growth is decelerating: revenue rose 47% from the second quarter to the third, after rising 144% the quarter before. The Journal has reported that the run rate topped $80 billion at the end of October, though Anthropic has not published the figure. Anthropic declined to comment to Reuters on the investor doubts.

What to watch next#

The roadshow, in which the company presents its case to big investors, was expected to start in the week of November 9, with pricing the following week. Reuters reported that potential investors have questioned whether that schedule can still hold, and the Journal reported that executives and advisers are expected to meet in the coming days to review the deal. If the roadshow slips, the listing slips with it.

The next hard evidence will be a new amended filing: the October run-rate revenue figure, the price range, and the share count will show where the final valuation actually lands. Watch too whether the raise stays near $100 billion or drops toward $80 billion — and the wider market. International Financing Review said on November 6 that the $100 billion IPO is still on track, and some analysts expect strong demand from retail investors. Reuters also reported that Anthropic could simply wait if AI assets stay under pressure. For now, the largest IPO ever is priced by a market that changed its mind in a week.

Sources: Invest Clarity Path; AI Stock Wire. Images are AI-generated editorial illustrations.