Investors question $1.5 trillion Anthropic valuation ahead of IPO

Potential investors in Anthropic are questioning whether the artificial intelligence company will launch its initial public offering next week as planned. People familiar with the discussions said the company may delay its roadshow, which was scheduled to begin the week of November 9. A sharp selloff in technology stocks over the past month has complicated the path to a November listing.

Investors are asking for a lower entry price before committing capital. Some participants in the talks view the $1.5 trillion valuation under discussion as too high. Dario Amodei, the CEO of Anthropic, declined to comment on the reports. The company has previously stated it aims to price the shares the week after the roadshow begins.

The hesitation stems from two main factors: a historic drop in tech stock prices and ongoing geopolitical uncertainty. These conditions make new public offerings riskier for underwriters and buyers alike. The recent market rout has forced many tech companies to reassess their pricing strategies.

Anthropic faces specific financial pressures that investors are weighing. The company reports quarterly losses and has made large commitments to partners building out its AI infrastructure. Because the firm needs to raise substantial capital, investors believe it may need to offer a larger discount to secure commitments. This dynamic gives buyers more leverage in negotiating the final price.

The roadshow, a period where executives pitch the stock to institutional investors, is the critical next step before pricing. If the company proceeds with the November timeline, it will do so despite the volatile market conditions. The final valuation will determine how much capital the company raises in its debut on the public markets.