Anthropic IPO Valuation Talks Slip to $1.2T-$1.3T, as Low as $1.1T, After Nasdaq 100 Rout

Anthropic's potential IPO valuation has fallen as low as $1.1 trillion among prospective investors, down from estimates of up to $2 trillion in early October, Bloomberg reported on Nov. 6. Most potential buyers are now discussing $1.2 trillion to $1.3 trillion, compared with $1.4 trillion to $1.5 trillion before Thursday's 6.4% plunge in the Nasdaq 100, which erased about $2.3 trillion in market value.

How the valuation has moved

A $1.2 trillion to $1.3 trillion valuation would be 35% to 40% below the $2 trillion discussed in October and would still be about 24% to 35% above the $965 billion set in May.

What it means for the IPO

• Timing. Formal marketing could begin as soon as next week, according to Bloomberg, at a lower valuation and with a smaller offering that could expand if demand improves.
• Delay. Delaying the IPO remains an option. A person familiar with the matter said no final decisions have been made and discussions are ongoing. Anthropic declined to comment.
• Investor skepticism. The Wall Street Journal reported on Thursday that three prospective investors said pricing would likely need to come down, and that major investors had doubted Anthropic could reach the $1.5 trillion valuation once expected.
• Filing. Anthropic has publicly filed its S-1 registration statement and amended it with updated revenue and spending figures. Yahoo Finance said a launch before the end of November was widely expected but could slip, and that prediction-market odds of an IPO before Dec. 1 had fallen from about 80% to near 50%.

The market backdrop

Technology and AI-linked shares fell sharply on Thursday, with the Nasdaq 100 down 6.4%, as investors worried about the impact of the new Democratic congressional majority on data center construction. The Cboe Volatility Index rose to its highest level since April 2025. Stocks rebounded on Friday, and the Nasdaq 100 was up 1.99% at 27,160.56 at 11:53 a.m. ET, according to Google Finance. See our market recap for Thursday's selloff.

The OpenAI comparison

OpenAI is reportedly targeting a $1.25 trillion pre-money valuation in its latest funding round, according to CNBC's Oct. 22 report. The round was reported at up to $30 billion, led by UAE investors and Coatue, after OpenAI had earlier pitched a $1.4 trillion pre-money price. Yahoo Finance said OpenAI has pushed its own IPO timeline to early 2027.

What to watch

• Launch decision. Whether Anthropic starts formal marketing next week or delays the offering.
• Price range. The price range and share count, which the amended filing left blank, and how far the offering is scaled back.
• Markets. Whether Friday's rebound in technology shares holds and volatility keeps easing.
• OpenAI. Whether OpenAI completes its funding round at its target valuation.
• Related coverage. See our reports on Claude Personal Finance, Google's backstop of Anthropic's TeraWulf lease and OpenAI's ChatGPT business tool.

Sources: Valuation figures are from Bloomberg's Nov. 6 report as relayed by Investing.com, with the Wall Street Journal, Yahoo Finance and CNBC reporting for context. Index levels are from Google Finance on Nov. 6 and change by the minute, and percentage comparisons marked as such are calculated from the reported valuations. This article is informational only and is not investment advice.