Anthropic Set to Launch Nasdaq IPO Roadshow on Tuesday as Valuation Expectations Dip

Anthropic, the AI company behind the Claude models, is set to begin formally marketing its initial public offering on Tuesday, November 10, launching its roadshow for a planned Nasdaq listing under the ticker ANT. The move was reported by IFR and positions Anthropic for a potential trading debut in the week before Thanksgiving, targeting a listing before November 26.

The roadshow kicks off amid a cooling market environment and shifting valuation expectations. Investors have been told the company is targeting a valuation in the range of $1 trillion to $1.5 trillion, down from earlier ambitions of up to $2 trillion. Goldman Sachs and Morgan Stanley are leading a syndicate of 22 underwriting banks, with retail investors also expected to receive an allocation.

The listing would make Anthropic the first pure-play AI company to reach the public markets at scale. The company's amended S-1 prospectus, filed on November 2, had not yet included a price range, share count, or total raise amount. The offering comes as the broader tech market has faced pressure, with Nvidia down sharply in recent weeks and the Nasdaq-100 off significantly, factors that some investors say give them leverage to push for a lower valuation or even prompt a delay.