Anthropic Investors Pare IPO Valuation Targets Below $1.5 Trillion

Investors in Anthropic are lowering their valuation targets ahead of the artificial intelligence startup's initial public offering, according to reporting by CNBC Business . While Anthropic had targeted a valuation as high as $2 trillion when submitting its confidential filing to the U.S. Securities and Exchange Commission, stakeholders now anticipate a debut below $1.5 trillion, with some suggesting the final figure could fall closer to $1 trillion.

The recalibration reflects growing caution across public equity markets as Anthropic prepares to launch its institutional roadshow next week. One unnamed investor told CNBC that achieving a $1.5 trillion valuation is currently a "stretch," pointing instead to a range between $1 trillion and $1.25 trillion as a more feasible target depending on prevailing market conditions. Anthropic, which was valued privately at $965 billion in May, declined to comment on the matter.

The startup plans to list on the Nasdaq under the ticker symbol ANT, targeting a trading debut within weeks. However, the timing coincides with sudden pressure on high-multiple technology equities. The Nasdaq composite plunged more than 5% on Thursday—marking its sharpest single-day decline in 19 months—driven by investor concerns over massive AI capital spending and a Democratic sweep in the midterm elections, which sparked apprehension regarding potential policy obstacles to data center construction.

The market pullback follows an already turbulent stretch for the broader artificial intelligence sector. In October, the Nasdaq logged its steepest monthly drop since March 2025, pressured by broad retreats in specialized cloud providers and semiconductor manufacturers.

Speaking to CNBC, D.A. Davidson analyst Gil Luria emphasized that institutional buyers will expect pricing at the conservative boundary of initial expectations. Luria noted that market stability hinges significantly on the transaction, observing that underwriters will need to price the listing deliberately to secure solid secondary trading performance when the shares begin exchanging hands.