Anthropic IPO Valuation Discussions Drop to $1.2T-$1.3T Range as Investor Sentiment Cools

Investors are now discussing a valuation of $1.2 trillion to $1.3 trillion for Anthropic's planned IPO, according to Bloomberg, marking a significant step down from the figures that had been circulating in prior weeks. The range is notably lower than the $1.5 trillion to $1.6 trillion that some investors were already urging Anthropic to target as recently as days before, and well below the $2 trillion figure that had been in play earlier in the fall.

The downward drift in valuation expectations reflects mounting concerns about Anthropic's growth trajectory and broader AI-linked market conditions. The company's S-1 filing showed sales grew 47% sequentially in the third quarter, a sharp deceleration from 144% in the second quarter and 132% in the first. Anthropic also reported a net loss of $23.29 billion in Q3, alongside a swing to an operating loss of $567 million after a $974 million operating profit the prior quarter. Tech stocks tied to AI infrastructure have also been under pressure over the past month.

Anthropologic filed final IPO paperwork under the ticker ANT, and a November listing has been anticipated, though at least one market observer put the odds of an IPO this month at just above 50/50 as of November 6. The continued slide in the valuation being discussed by investors underscores how quickly sentiment around even high-profile AI listings can shift when growth figures disappoint.