Anthropic's $1.5 trillion IPO faces doubts

Anthropic’s planned IPO at a $1.5 trillion valuation is facing growing skepticism from large investors after an AI-related investment unwind triggered a sharp equity selloff. The company had targeted a listing in the week of Nov. 16 and expected to raise up to $100 billion, but three investors planning to participate said the valuation may need to be cut, with one pointing to a figure closer to $1 trillion. Some investors also questioned whether Anthropic will delay the offering or raise less than expected, since institutions burned in the recent selloff may be reluctant to take on fresh AI risk even if markets rebound. Anthropic executives and advisers are expected to meet in the coming days to discuss the IPO plans, and people familiar said the company has avoided committing to specifics throughout the process to preserve optionality. The outcome will be a key test of investor appetite for large-scale AI listings after the recent volatility.