Is $1.5 Trillion Too Much for Anthropic? Some IPO Investors Think So

Anthropic’s planned November IPO is at risk of slipping as prospective investors reportedly balk at its $1.5 trillion valuation and push for a more attractive price before committing. The AI developer had been expected to begin its investor roadshow the week of November 9, but four people familiar with the talks told Reuters that doubt is growing over whether the roadshow can start in time for a November listing. The pushback matters because it tests whether private-market enthusiasm for leading AI companies can hold at trillion-dollar-plus valuations when presented to public-market buyers. What to watch next is whether Anthropic and its advisers concede on pricing to keep the November timetable, or delay the roadshow to seek a valuation the market will absorb.