Major investors are increasingly skeptical Anthropic’s blockbuster IPO can achieve its $1.5 trillion valuation after a deep market selloff, with some suggesting the price could land closer to $1 trillion.
The planned blockbuster initial public offering of AI company Anthropic is facing significant investor skepticism regarding its expected $1.5 trillion valuation. The doubts emerged following a deep market selloff on Thursday, November 6, 2026, tied to the unwinding of artificial-intelligence related bets, according to people familiar with the matter.
Anthropic had intended to launch its IPO during the week preceding Thanksgiving. It sought to raise as much as $100 billion in a deal that might price the company at approximately $1.5 trillion. However, the severe market decline threatens the offering's ability to proceed at that valuation. The selloff caused technology-heavy stocks like AMD, Broadcom, Micron, Nvidia, and Tesla to fall sharply. The Nasdaq plunged more than 5%. The S&P 500 and Dow dropped nearly 4% and more than 3%, respectively.
Investors Doubt Anthropic IPO Valuation After Market Drop
Major investors are increasingly skeptical
that Anthropic’s IPO can proceed at the expected $1.5 trillion valuation after the market drop, the Wall Street Journal reported. Some investors view the discussed valuation as high. One major investor suggested the pricing could land closer to $1 trillion. This skepticism is not confined to Anthropic. Even before Thursday’s rout, investor enthusiasm had been waning for AI names. Anthropic’s rival, OpenAI, has raised less than half of the $30 billion it had initially targeted for its latest funding round, receiving only $11 billion at a valuation of $1.25 trillion.
The market turmoil has impacted the perceived timeline for Anthropic’s IPO. Odds of the company filing its IPO by November 30 on prediction market Kalshi plunged from 84% just before the sell-off to 60% by Thursday afternoon. Odds for a filing by December 31 also fell, dropping from 90% to 74%. Similarly, odds on Polymarket showed a comparable decline, reflecting market uncertainty about the IPO’s schedule.
The sentiment extends beyond just investors. Truist Advisory Services chief investment officer Keith Lerner described the situation as a buyers’ strike in tech.
Tech stocks have trailed the S&P 500 by 10.7% in the past month. He called it the most extreme one-month gap since May 2002.
Key Sticking Points for Investors
Price is the first sticking point for potential investors. Reuters, citing four people familiar with the talks, reported that investors want a more attractive price before committing. The roadshow, a series of investor meetings before pricing, had been expected the week of November 9. A delay is now possible.
A second concern is a figure investors have not yet seen. Anthropic still has to supply its October results. This is a number investors reportedly need to judge whether growth has recovered.
Anthropic might require a steeper discount due to its quarterly losses and substantial partner commitments, according to Reuters. Executives and advisers reportedly plan to review the IPO in the coming days following the market turbulence.
Broader Implications for the Tech Sector
Anthropic’s IPO will serve as a critical test for the market’s appetite for AI firms. The outcome could set the stage for OpenAI’s eventual public offering, which is anticipated for early next year. New York Angels’ Bob Peck sees Anthropic’s price as a potential yardstick for other cloud giants valued between $2 trillion and $4 trillion.
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Investors also want clarity on Anthropic’s valuation before deciding to back OpenAI, the Financial Times reported. Investors fear that changes to the large offering could have a ripple effect across portfolios. This is particularly given Anthropic’s connections to major companies like Google, Amazon, and Nvidia. This could potentially cause collateral damage across portfolios.
While some analysts expect strong retail demand for the IPO, similar to the debut of SpaceX, there is also caution. SpaceX shed 20% from its peak within a week of its June debut. This highlights the volatility that can follow highly anticipated public offerings.
