Anthropic IPO Buyers See Valuation as Low as $1.1T

Anthropic’s planned IPO is facing a sharp reassessment of its possible valuation as investors retreat from AI stocks. Expectations had reached as high as $2 trillion in early October, then fell to about $1.4 trillion-$1.5 trillion after investors reviewed the company’s latest financial information. Following a 6.4% plunge in the Nasdaq 100 that erased $2.3 trillion in market value, some prospective buyers are now discussing $1.2 trillion-$1.3 trillion. Other investors say a price near $1 trillion would offer a safer cushion. Market volatility and concerns that a new Congress could scrutinize data-center expansion have added to doubts about paying a premium for the Claude maker.

Anthropic and its shareholders could begin marketing at a conservative valuation and increase the offering if demand proves strong, or postpone the IPO and update its financial disclosures before proceeding. Investors differ on the right price: some see roughly $1.2 trillion as low enough to attract buyers, while others warn that even a large IPO could suffer a volatile debut and decline afterward. Recent offerings by Cerebras and Figma illustrate the risk: both expanded the number of shares sold as demand emerged, but now trade below their IPO prices. The debate is not only about whether Anthropic can command a headline-making valuation, but whether its initial price can sustain a healthy market after trading begins.