Anthropic Faces Investor Pushback Over Ambitious $1.5 Trillion IPO Price

Major investors are questioning whether Anthropic can sustain a $1.5 trillion valuation for its planned initial public offering after an artificial-intelligence market selloff. Reports published on November 5 and 6, 2026, said some prospective buyers want a lower price, with one investor putting a more credible figure near $1 trillion.
- Reuters reported on November 5 that investors considered $1.5 trillion high and sought more attractive IPO pricing.
- The Wall Street Journal reported on November 6 that three prospective investors expected the valuation to fall.
- Anthropic’s proposed offering could raise up to $100 billion, according to reporting cited by the Journal.
Why are investors challenging Anthropic’s target valuation?
Investors are resisting the price because Anthropic’s proposed debut would arrive after a sharp reversal in AI-related bets. The Wall Street Journal reported on November 6 that institutions recently burned by the selloff may hesitate to make another large commitment to the sector. One investor told the newspaper that a valuation closer to $1 trillion could be more realistic.
The valuation debate concerns more than market mood. Reuters reported on November 5 that investors were also pressing for a larger discount before committing to the offering. The company’s recent financial disclosures have raised questions about the pace of revenue growth and the cost of building and operating advanced AI systems.
- Reported target: about $1.5 trillion.
- Alternative discussed: close to $1 trillion, based on a prospective investor’s view reported by The Wall Street Journal.
- Investor concern: whether institutions will accept another high-risk AI position after the sector selloff.
How large could the Anthropic IPO be?
Anthropic is reportedly preparing one of the largest public offerings ever proposed. The Wall Street Journal said the company was aiming for an IPO during the week before Thanksgiving, which falls on November 26, and could seek as much as $100 billion from the share sale.
Reuters separately reported that Anthropic’s planned roadshow could face timing pressure ahead of a November listing. Four people familiar with investor discussions told Reuters that potential buyers were questioning whether the roadshow could proceed on schedule while the company and its advisers addressed valuation demands.
The proposed size would make pricing especially sensitive. A lower valuation could reduce the amount Anthropic raises unless it sells more shares. Issuing more stock could also increase dilution for existing shareholders, including employees and early financial backers.
- Planned market: Nasdaq, with the proposed ticker ANT, according to reporting cited by Reuters.
- Potential proceeds: up to $100 billion, as reported by the Journal.
- Timing under discussion: a November listing and a roadshow the week before Thanksgiving.
What do Anthropic’s financial results show?
Recent results have added pressure to the IPO case. Fortune reported on November 3 that Anthropic’s third-quarter results showed revenue growth slowing while expenses increased faster than in earlier quarters. The figures have encouraged some institutional investors to push for pricing toward the lower end of the company’s reported valuation range.
Fortune cited estimates placing Anthropic’s revenue at roughly $35.3 billion over the previous four quarters. At a $1.5 trillion valuation, that would equal about 43 times trailing revenue. A $2 trillion valuation would raise the multiple to about 57 times revenue.
Those calculations are not forecasts of the IPO price. They show the growth investors would need to believe in. At such a valuation, buyers would be paying for years of expansion, improving margins and eventual profits rather than current earnings alone.
- Trailing revenue cited by Fortune: approximately $35.3 billion.
- Implied valuation-to-sales range: about 43 to 57 times revenue at $1.5 trillion to $2 trillion.
- Reported operating trend: slower revenue growth alongside rising expenses.
How unusual would Anthropic’s valuation be?
Anthropic’s proposed valuation would sit far above the levels typically seen in public offerings. Fortune cited Jay Ritter, director of the University of Florida’s IPO Initiative, who found that only 14 of 4,110 IPOs from 1980 through 2024 exceeded a valuation requiring buyers to pay more than $40 for each dollar of annual revenue.
Ritter told Fortune that a valuation above roughly $1.4 trillion would require Anthropic to develop a path toward at least $100 billion in annual after-tax profit. That outcome would depend on much larger revenue, strong pricing power and lower costs for computing, data centers and model development.
His earlier valuation model, prepared before Anthropic released its third-quarter results, assumed annual revenue could reach $1 trillion by 2036, a 27.5% operating margin and $100 billion in IPO proceeds. The model produced an equity value near $1.475 trillion, which Fortune described as near the bottom of the company’s reported range.
What happens next for the proposed listing?
Anthropic and its advisers must decide whether to defend the $1.5 trillion target, reduce the price, delay the roadshow or alter the size of the offering. Reuters reported that prospective investors were already seeking better terms before making firm commitments.
The next stage will test demand directly. Institutional investors will examine Anthropic’s registration materials, financial results, customer growth, computing commitments and relationships with strategic partners. They will also compare the company’s expected growth with the risks exposed by the recent AI selloff.
A valuation near $1 trillion would still make Anthropic one of the world’s most valuable private or newly public technology companies. It would, however, signal that public-market buyers are assigning less value to future AI growth than the company’s initial target assumes. The final price may not be settled until investor orders reveal how much demand exists.


