Anthropic may have to cut the valuation of its blockbuster stock-market listing after big investors balked at the $1.5 trillion price tag, the Wall Street Journal reported on Thursday. At least three major investors planning to take part told the company the price will probably need to come down, one suggesting a figure closer to $1 trillion.

The pushback lands days before Anthropic is expected to start marketing the deal. The Claude maker spent months talking up a valuation of about $2 trillion. Now even $1.5 trillion looks too high to prospective buyers.

Key Points

• The Wall Street Journal reported on 5 November that at least three major investors told Anthropic its $1.5 trillion valuation will likely need to be cut, one suggesting closer to $1 trillion.
• Another investor raised the possibility of postponing the listing, though Anthropic has not settled a valuation target or a share count.
• Institutional investors had already told Anthropic that $1.5 trillion to $1.6 trillion was fair, down from roughly $2 trillion, after a sharp sell-off in AI stocks.
• The raise could fall to about $80 billion from the roughly $100 billion previously expected, still one of the largest IPOs on record.
• Anthropic's amended filing on 2 November showed third-quarter revenue of $17 billion, up 47 per cent on the second quarter, but an operating loss of $567 million.

What Happened

According to the Wall Street Journal, the message from investors was blunt. At least three major investors told Anthropic that the $1.5 trillion valuation will probably have to be cut. One suggested a figure closer to $1 trillion, a cut of about a third. Another raised the possibility of delaying the listing.

The report, published on Thursday 5 November, did not name the investors. But its timing matters. Anthropic is expected to start its roadshow in the week beginning Monday 9 November, with trading possibly beginning the week of 16 November, before Thanksgiving on 26 November.

Investor Michael Burry, who bet against the US housing market before 2008, has also expressed reservations about taking part, according to the report. The secondary market already prices Anthropic lower: Nasdaq Private Market puts its latest secondary-market valuation at $1.41 trillion, far below the roughly $2 trillion talked about a month ago.

Background: From a $2 Trillion Dream to a $1.5 Trillion Question

Anthropic filed its prospectus to list on the Nasdaq as ANT on 26 October. The filing revealed revenue of $16.3 billion in the first half of 2026, against a net loss of $80.7 billion driven mostly by a $72.4 billion non-cash charge. The founders would retain 50.1 per cent of the voting power.

At the time, talk of a valuation between $1.5 trillion and $2 trillion was everywhere. Then the market turned: technology shares slid on doubts about whether the flood of AI spending will generate returns quickly enough, and the Nasdaq 100 entered correction territory, down 10 per cent from its record highs. The $2 trillion figure quietly disappeared, replaced by $1.5 trillion to $1.6 trillion. Even that lower range is now in doubt.

Anthropic IPO Valuation: The Numbers Behind the Doubt

The amended filing Anthropic published on Monday 2 November gave investors reasons to be excited and reasons to pause. Third-quarter revenue reached $17 billion, up 47 per cent from $11.6 billion in the second quarter and up 1,127 per cent year on year. But it swung back to a $567 million operating loss, after a $974 million profit in the second quarter, and growth is slowing: 47 per cent quarter-on-quarter growth compares with 144 per cent in the second quarter.

The heaviest number explains the scepticism: Anthropic's compute and infrastructure commitments now stand at about $895.4 billion, with roughly $447.5 billion due before the end of 2030 — up sharply from about $265.6 billion in the original filing. The company must spend nearly $900 billion on computing power whether or not revenue keeps growing. OpenAI, its closest rival, closed about $11 billion in funding on Friday 6 November at a $1.25 trillion valuation — so investors ask why smaller Anthropic should command $1.5 trillion in public.

Reactions and Quotes

Anthropic has not settled a valuation target or a share count, and has not commented publicly on the Journal's report. The investors' position, as reported, is that the price must reflect the new market: enthusiasm for the technology is not the same as willingness to pay any price for it. The wider market agrees: investors sold chip, cloud and networking shares heavily on Thursday 5 November, wiping about $2.5 trillion off US stocks in one session.

Why It Matters

The Anthropic listing is the biggest test yet of whether the AI boom can survive contact with public-market discipline. Private investors have poured hundreds of billions into AI companies at valuations set between a handful of parties. A public listing forces those valuations to be tested against thousands of investors at once, and the early signs are that the judgement is harsher. A cut to about $1 trillion would still leave Anthropic among the most valuable companies ever to list, but it would admit the $2 trillion figure was wrong — and its price will become the sector's reference point.

What Happens Next

The roadshow is the next test. Anthropic is expected to begin meeting investors in the week beginning Monday 9 November, and the reception will decide the price. If the big investors hold their ground, the company must choose between cutting the valuation, cutting the raise, or delaying the listing. Trading could begin in the week of 16 November if the roadshow goes ahead as planned. Watch the price range Anthropic files when the roadshow starts.

Frequently Asked Questions

What is Anthropic's IPO valuation?
Anthropic has not settled a target. It had discussed about $1.5 trillion, but the Wall Street Journal reported on 5 November that three major investors said the price will likely be cut, one suggesting closer to $1 trillion.

How much money is Anthropic trying to raise?
The raise could fall to about $80 billion from the roughly $100 billion previously expected. Even at $80 billion it would still be one of the largest IPOs on record.

When will Anthropic start trading?
The roadshow is expected to start in the week of 9 November 2026, with trading possibly beginning the week of 16 November, before Thanksgiving on 26 November. The timetable could change if the dispute forces a delay.

Why are investors pushing back on the price?
Investors point to the AI stock sell-off, Anthropic's swing to a $567 million operating loss in the third quarter, slowing growth, and about $895.4 billion in compute commitments. The secondary market already values it at $1.41 trillion.

How does Anthropic compare with OpenAI?
OpenAI closed about $11 billion in funding on 6 November at a $1.25 trillion valuation. Investors ask why Anthropic, which is smaller, should command $1.5 trillion in public when its closest rival is valued lower in private.

Anthropic's journey from a $2 trillion dream to a fight over $1 trillion is the AI boom in miniature. Read our report on OpenAI's $11 billion funding close and Anthropic's original IPO filing.