Investors Doubt Anthropic's IPO Timeline with $1.5 Trillion Valuation

Potential investors in Anthropic are skeptical that the AI developer Claude will be able to conduct an initial public offering (IPO) in November 2026 with the previously discussed valuation of $1.5 trillion. Some market participants consider this business valuation to be inflated and expect more attractive conditions amid the sell-off of U.S. tech stocks.

According to four sources familiar with the investor discussions, the initial schedule planned for Anthropic's roadshow to begin the week of November 9. The pricing of the offering was expected the following week.

However, the decline in tech company stock prices and uncertainty in the financial markets have put these timelines in question. Anthropic declined to comment on potential investors' doubts and has not announced a postponement of the IPO.

Previously, market participants discussed the possibility of valuing Anthropic up to $2 trillion. By early November, the target had decreased to approximately $1.5 trillion, but some investors still consider this level too high.

According to estimates by some market participants, the volume of the stock offering could reach $100 billion. The final parameters of the offering have not yet been approved.

Why investors doubt Anthropic's valuation

One of the main concerns is related to the financial results and the scale of expenses on developing computing infrastructure.

According to the updated S-1/A registration document filed with the U.S. Securities and Exchange Commission on November 2, Anthropic's revenue for the first nine months of 2026 amounted to $33.24 billion compared to $2.55 billion for the same period last year.

At the same time, the company's operating loss reached $1.26 billion, and expenses on computing and infrastructure amounted to $18.81 billion.

In the III quarter, Anthropic's revenue grew to $16.96 billion from $11.56 billion in the previous quarter. However, business growth is accompanied by significant financial obligations to suppliers of computing power and equipment.

Potential investors are also awaiting data on Anthropic's revenue for October. This figure has not yet been disclosed in the updated registration document. It could help assess whether the company maintains high growth rates after the slowdown in previous months.

Additional pressure is exerted by the stock market situation. In early November, American tech stocks faced a massive sell-off amid concerns about the cost of financing AI projects and the future returns on investments in data centers.

Companies providing computing power for AI, including CoreWeave, IREN and Nebius, were also under pressure.

Public opposition to the expansion of data centers in certain regions of the U.S. also increases uncertainty around future infrastructure projects.

Despite this, some investors remain interested in the long-term development of artificial intelligence.

"Investors will still show great interest in them," noted Rick Meckler, a partner at investment firm Cherry Lane Investments, speaking about major tech companies preparing to go public.

Anthropic has filed for listing its Class A shares on Nasdaq under the ticker ANT. However, the preliminary prospectus does not yet contain the final price range and the number of shares to be offered.

If market instability persists, the company may postpone the offering to a later date. As of November 6, no decision on changing the IPO schedule has been announced.