Investors brace for lower Anthropic valuation, calling $1.5 trillion a 'stretch'

Anthropic may list at a valuation below the $1.5 trillion figure that had been floated, with investors calling that level a stretch as the AI trade sours on Wall Street. The expected markdown would leave the AI developer trailing earlier expectations for its debut. The retreat matters because Anthropic has been one of the highest-profile names in the AI trade, and a lower listing valuation would signal that public-market investors are repricing the sector's growth prospects. What to watch next is where the company ultimately prices its offering and whether the reset spills over to other AI-linked names.