Anthropic’s $1.5 trillion IPO tests the $1 trillion mark

By Marcus Bennett

Anthropic’s proposed initial public offering (IPO) could assign the AI company a valuation (market value) closer to $1 trillion, below the $1.5 trillion target, according to one of three major investors set to take part in the offering. The investor told The Wall Street Journal that pricing “could end up closer to $1 trillion,” AFP reported via 24/7 Wall St.

A second investor raised the possibility of postponing the listing completely, according to the same AFP account of Wall Street Journal interviews. Anthropic had not set a price range or announced a delay when 24/7 Wall St. published its Nov. 7, 2026 report.

What do investors want before pricing?

The three investors told The Wall Street Journal that Anthropic’s valuation would likely need to come down, AFP reported. AFP described the views as investor sentiment gathered before pricing, not a company decision. Stock Titan’s reading of the amended filing left the core deal terms blank.

Anthropic had expected to raise up to $100 billion, which would make the IPO the largest on record, according to AFP. The company targeted the week of Nov. 16 for the offering. SpaceX raised $86 billion in June, the record AFP said Anthropic would surpass.

24/7 Wall St. framed the dispute as a test of public-market appetite for AI-linked assets. It said a lower valuation would let buyers pay less for the same revenue and contractual obligations. The broader AI trade (market bets on AI companies) was under pressure, according to the source’s account of the selloff.

How did the $2.5 trillion selloff change the balance?

The pushback followed a sharp Nov. 5 selloff. Companies in the NASDAQ Composite lost $2.5 trillion in market value that day, AFP reported. Wall Street’s fear gauge, the CBOE Volatility Index, rose to 28.18 from 16.61 in the prior session.

The Invesco QQQ Trust (NASDAQ:QQQ) traded at $658.11 at 2:38 p.m. ET Friday, according to 24/7 Wall St. QQQ was up 1.71% intraday (within that session), but down 8% over the preceding week, the source said. The combination captured a volatile rebound inside a broader weekly decline.

NVIDIA (NASDAQ:NVDA) serves as Anthropic’s compute partner (hardware supplier), according to 24/7 Wall St. Under their agreement, Anthropic will initially adopt 1 gigawatt of Grace Blackwell and Vera Rubin systems, the source said.

NVIDIA traded at $186.64 late Friday, down 21.4% over the past month despite a 2.78% rebound that day, 24/7 Wall St. said. The outlet argued that such a fall in the AI trade’s anchor stock gave institutions more room to demand a lower entry price for Anthropic.

What does the amended filing show?

The week of Nov. 16 remained a target rather than a confirmed schedule. The amended S-1 (securities registration statement) filed Nov. 2 still showed blank fields for the price range, share count and amount to be raised, Stock Titan said.

FinanceFeeds reported that Anthropic’s proposed listing would occur on the NASDAQ Global Select Market under the symbol ANT. Reuters reported questions about whether the roadshow (a series of investor meetings) could begin on schedule. Anthropic declined to comment to Reuters.

The Wall Street Journal said a smaller offering also remained possible. Dealroom, citing earlier Journal reporting, said some investors had spoken of a $2 trillion debut earlier this year. Dealroom said that talk had cooled before the current week.

What do Anthropic’s figures show?

FinanceFeeds placed Anthropic’s last private valuation at $965 billion following its May Series H round (a late-stage venture funding round). Stock Titan reported revenue of $17.0 billion for July through September, more than 12 times the same months a year earlier.

That revenue growth came with a nine-month net loss of $104.0 billion, Stock Titan reported. The outlet attributed most of the loss to a $94.3 billion paper charge (a noncash accounting loss) linked to the rising value of convertible notes (debt that can convert into equity).

Purchase commitments and leases totaled about $895.4 billion, FinanceFeeds said. 24/7 Wall St. said a lower valuation would let buyers pay less for the same revenue and commitments.

Reported cash diverges. Stock Titan referenced $131.8 billion, while Investing.com, citing The Wall Street Journal, referenced $146.6 billion.

How does OpenAI’s experience compare?

OpenAI provides the closest recent pricing comparison, 24/7 Wall St. said. It secured $11 billion of a targeted $30 billion round at an adjusted $1.25 trillion valuation, Investing.com reported while citing The Wall Street Journal. OpenAI also pressed its listing plans into next year.

24/7 Wall St. used those figures to show how quickly sentiment around AI listings had changed. The comparison places Anthropic’s proposed $100 billion raise against OpenAI’s $11 billion secured amount and delayed listing timetable, according to the cited reports.

What changes for individual investors?

Stock Titan says part of the Anthropic offering will go to regular investors through six brokers, including Fidelity. Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) lead 22 underwriting banks (banks that help sell and price the offering), according to 24/7 Wall St.

24/7 Wall St. said large funds negotiate the price while individual buyers take it as given. It said a lower valuation means paying less for the same revenue and commitments. A smaller deal could mean fewer shares for retail investors, the source said.

Prospective buyers seeking Anthropic shares through a brokerage app this month had no settled price to rely on, 24/7 Wall St. said. A delay would leave their cash waiting while the market resets, the source said.

Which three signals come next?

24/7 Wall St. identified three signals for the offering’s path and scale:

• Price range: Whether Anthropic files a range, the first field Stock Titan found blank on Nov. 2.
• Timing: Whether the target week of Nov. 16 holds, after Reuters reported questions about the roadshow schedule.
• Size: Whether the offering shrinks, an option The Wall Street Journal cited.

Until Anthropic fills the S-1 fields, neither $1 trillion nor $1.5 trillion is a set IPO price. The target week of Nov. 16 could produce the clearest verdict yet: the amended filing, roadshow schedule and revised offering size should show whether public investors accept Anthropic shares at a valuation nearer $1 trillion, $1.5 trillion or another price.