Anthropic IPO Valuation Talks Drop to $1.3 Trillion as Major Investors Balk at $1.5T Target

Anthropic’s IPO valuation talks have fallen to $1.2 trillion–$1.3 trillion from $1.4 trillion–$1.5 trillion days earlier, Bloomberg reported, after three major prospective investors told the Wall Street Journal the offering needs a lower price, with one citing roughly $1 trillion. The retreat followed a 6.4% drop in the Nasdaq 100 that erased about $2.3 trillion in market value, the index’s largest single-day decline on record, and lifted the Cboe Volatility Index to its highest since April 2025. The company’s amended S-1 shows Q3 2026 revenue of $17 billion, up 12× year-over-year, a $68 billion annualized run rate and a $23.3 billion quarterly net loss, 90% of whose first-half total came from fair-value remeasurement of convertible notes, mainly from Amazon. The Goldman Sachs- and Morgan Stanley-led IPO, ticker ANT on Nasdaq, aims to raise at least as much as SpaceX’s record $86.2 billion debut.