Illustration of a glass skyscraper with a rising stock-market chart line above it, representing Anthropic's IPO

Anthropic Pushes Ahead With Its IPO Despite the Tech Selloff — at a Lower Valuation

ByChris Wade

Key takeaway: Anthropic is pushing ahead with its IPO before Thanksgiving despite this week’s sharp tech selloff, investors cited by the Financial Times say. The Claude maker reportedly aims to raise $80–100 billion at a $1.25–1.75 trillion valuation — above its $965 billion private valuation, but well below the $2 trillion some investors hoped for a month ago.

What happened

Anthropic, the company behind the Claude AI assistant, is pressing ahead with plans to go public before the US Thanksgiving holiday on November 26, 2026, according to investors cited by the Financial Times in reporting relayed by The Decoder on November 7. The company reportedly wants to raise $80–100 billion at a valuation of $1.25–1.75 trillion.

The timing is striking because the market backdrop is hostile. The Nasdaq 100 fell more than 6% on Thursday, November 5, its worst day since April 2025, as rising borrowing costs and heavy AI spending plans triggered a selloff in technology stocks. Rather than wait for calmer conditions, Anthropic appears to be choosing to accept a lower price to get the listing done.

The company filed its public S-1 prospectus on October 26, 2026, and an amended filing on November 2 that added third-quarter results. It has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker “ANT,” with Goldman Sachs and Morgan Stanley leading a group of 22 underwriters. No share price, share count, or offering size has been filed yet.

The valuation slide: from $2 trillion to $1.25 trillion

The numbers have fallen fast. In early October, Anthropic was reported to be targeting a valuation of about $2 trillion. By mid-October, investors were talking about $1.5 trillion. After Thursday’s selloff, the range slipped again: the Wall Street Journal reported that three major investors planning to buy into the IPO said the expected $1.5 trillion valuation will likely need to come down, with one suggesting the final figure could settle closer to $1 trillion. Bloomberg cited investors discussing $1.1–1.3 trillion.

Date Reported valuation talk Source
May 28, 2026 $965 billion (confirmed private valuation, Series H) Anthropic / SEC filing
Early October 2026 About $2 trillion Leaked draft filing reports
Mid-October 2026 About $1.5 trillion Reuters / Axios
November 6, 2026 $1.25–1.75 trillion (raise of $80–100 billion) Financial Times
November 7, 2026 $1.1–1.3 trillion discussed; one investor suggests near $1 trillion Bloomberg / Wall Street Journal

Even at the low end, the listing would be enormous. A $1.25 trillion valuation would still be roughly 30% above Anthropic’s last private valuation of $965 billion, set in its $65 billion Series H round in May 2026. An $80–100 billion raise would bracket SpaceX’s $86.25 billion June offering — one of the largest private raises ever.

What the filing actually shows

The amended prospectus gives the clearest picture yet of Anthropic’s finances, and the growth is extraordinary. Revenue for the first nine months of 2026 reached $33.24 billion, against $2.55 billion a year earlier — a roughly thirteen-fold increase. Third-quarter revenue alone was about $17.0 billion, and the Financial Times put the annualized revenue run rate at about $81 billion at the end of October, up from roughly $65 billion at the end of July.

The loss figures look alarming at first glance but need context. Anthropic reported a net loss of $80.7 billion in the first half of 2026, but about $72 billion of that was a non-cash accounting charge tied to convertible debt, not operating cash burn. On an operating basis, the company reported nearly $1 billion in second-quarter operating profit.

The other headline number is the bill for the future: Anthropic has committed to about $895.4 billion in purchase commitments and lease agreements, mostly for computing capacity. It held $146.6 billion in cash as of September 30, according to the Wall Street Journal. The IPO proceeds would fund that compute buildout — the same infrastructure race every frontier AI lab is running.

Why it matters: the first pure-play AI listing

CNBC characterized Anthropic as poised to become the first pure-play AI company to enter the public market. That makes the listing a test of whether public investors will pay up for a frontier AI lab at a moment when the market is suddenly questioning how much AI spending is too much. Anthropic is not alone in trimming expectations: rival OpenAI cut its funding-round target from $1.4 trillion to $1.25 trillion this week, and raised only about a third of the $30 billion it originally sought.

There is also a political risk the prospectus flags openly. Anthropic warned in its risk factors that opposition to data centers is growing more organized. A CNBC analysis counted 41 local ballot measures on data centers in 10 states on November 4, with voters backing restrictions or rejecting pro-development proposals in 40 of them.

Knowns, unknowns, and what to watch

Known: Anthropic filed its S-1 on October 26 and an amended S-1/A on November 2, with nine-month revenue of $33.24 billion and about $895.4 billion in compute commitments. The ticker will be ANT on Nasdaq. The FT-reported target is a pre-Thanksgiving listing raising $80–100 billion at $1.25–1.75 trillion.

Unknown: No price range, share count, or offering size has been filed, and Anthropic has issued no statement confirming the timetable, the valuation, or the raise. A spokesperson declined to comment to Bloomberg. The figures are all reported, not official, and they could move again with the market.

What to watch: The roadshow, expected to start the week of November 9, with The Information reporting a target listing during the week of November 16. Whether the price range, when filed, lands near the FT’s $1.25–1.75 trillion or closer to the $1 trillion some investors are now discussing. And whether the listing holds its pre-Thanksgiving timing — traders on Polymarket gave a 43% chance of a listing by November 20 and a 71% chance by the end of 2026. For readers, the product side matters too: Anthropic keeps shipping, from Claude’s personal finance beta to agent memory research, and the IPO will fund the compute behind all of it.

Analysis: a listing priced by a falling market

Analysis — this section is our assessment, not Anthropic’s claims. The striking thing about this IPO is not the size — it is the decision to proceed at all. A month ago, Anthropic could plausibly have asked for $2 trillion. Now it is reportedly accepting a valuation a third lower, in a week when the Nasdaq 100 had its worst day in 19 months. That is a company choosing certainty over price: it needs the capital for its $895 billion in compute commitments, and it would rather lock in a listing now than gamble that the market recovers. If the IPO prices near the reported range, it will be the first public-market verdict on what a frontier AI lab is actually worth — and every other AI company raising money next year will be measured against it.

Frequently asked questions

When is Anthropic’s IPO?

Anthropic has not confirmed a date. Investors cited by the Financial Times say the company wants to list before Thanksgiving (November 26, 2026), with the roadshow expected to start the week of November 9 and The Information reporting a target listing during the week of November 16. No price range or share count has been filed yet, so the timing could still change.

What valuation is Anthropic targeting for its IPO?

Investors cited by the Financial Times put the target at $1.25–1.75 trillion, with a raise of $80–100 billion. That is above Anthropic’s last confirmed private valuation of $965 billion from May 2026, but below the roughly $2 trillion some investors hoped for in early October. The Wall Street Journal and Bloomberg report some investors are discussing lower figures, possibly near $1 trillion. Nothing is official until Anthropic files a price range.

How much money does Anthropic make?

Revenue for the first nine months of 2026 was $33.24 billion, up from $2.55 billion a year earlier, according to the company’s amended S-1 filing. Third-quarter revenue was about $17.0 billion, and the Financial Times put the annualized revenue run rate at about $81 billion at the end of October. The company reported large net losses, but most of that is a non-cash accounting charge tied to convertible debt, and it reported nearly $1 billion in operating profit in the second quarter.

What is the ticker for Anthropic stock?

Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the proposed ticker “ANT.” Goldman Sachs and Morgan Stanley are leading the offering, with a group of 22 underwriters. The shares are not yet trading, and no price has been set.

Why is Anthropic going public now, during a tech selloff?

The company has about $895.4 billion in purchase commitments and leases, mostly for computing capacity, and the IPO would fund that buildout. Proceeding now, at a lower valuation, suggests Anthropic prefers locking in the listing and the capital over waiting for better market conditions. It would also become the first pure-play AI company on the public market, giving investors their first direct way to buy shares in a frontier AI lab.

Sources


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