Anthropic is pressing ahead with plans to list before Thanksgiving, expecting to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion, the Financial Times reported on Friday, citing sources. The update comes as major investors tell the Wall Street Journal that the deal’s expected $1.5 trillion valuation will likely have to come down, with one putting the figure closer to $1 trillion.

The two reports, both published on November 6, sketch a deal still in motion. The Anthropic IPO remains on track for a roadshow in the week of November 9 and a listing before Thanksgiving on November 26, according to the Financial Times, even as investors reassess what the maker of Claude is worth after a brutal week for AI stocks. Anthropic executives and advisers are expected to meet in the coming days to discuss the offering’s structure and timing.

What the reports say

According to the Wall Street Journal, three major investors who plan to participate in the IPO say the valuation will likely need to be reduced. One said the company could be valued closer to $1 trillion, about $500 billion below the earlier expectation. Another said Anthropic could raise less money than planned, perhaps around $80 billion, and hoped it would hold well over $200 billion on its balance sheet after the offering.

Some investors are waiting for October results before assuming a cut. Anthropic’s revenue run rate, a measure of annualized revenue based on current performance, topped $80 billion at the end of October, up from the prior month, according to a person familiar with the figures cited by the Journal. Anthropic held $146.6 billion in cash as of September 30.

Reuters separately reported that potential investors were uncertain whether Anthropic could proceed with its planned roadshow during the week beginning November 9. On Polymarket, traders put the chance that Anthropic will not complete an IPO before November 30 at 29%, up sharply from earlier in the month.

Chart of Anthropic IPO valuation expectations: $2 trillion in October, $1.5 trillion expected, $1.25 trillion FT low end, $1 trillion from one investor
Anthropic IPO valuation expectations keep falling. Graphic: GPTOnline, based on figures reported by Bloomberg, the Financial Times and the Wall Street Journal

A deal repriced by the selloff

The valuation debate follows a sharp selloff in AI stocks. Companies in the Nasdaq Composite lost a combined $2.5 trillion in market value on Thursday, November 5, according to the Wall Street Journal, and the Nasdaq 100 fell 6.4% that day. Talk of a $2 trillion Anthropic valuation, common in October, has given way to a range of $1 trillion to $1.75 trillion depending on who is asked.

Anthropic publicly filed its Form S-1 registration statement on October 26, after confidentially submitting a draft to the Securities and Exchange Commission on June 1. The filing showed first-half 2026 revenue of $16.3 billion and a net loss of $80.7 billion, most of it accounting charges tied to convertible notes rather than cash losses. The company has told investors it expects a second consecutive quarter of positive adjusted operating income.

The deal, at any of the figures now discussed, would still be the largest IPO on record. SpaceX listed in June at a valuation of about $1.78 trillion and raised roughly $86 billion, the current benchmark. Anthropic’s offering was already in doubt earlier this week, as GPTOnline reported, when investors first balked at the $1.5 trillion figure.

Timeline of the Anthropic IPO from the June 1, 2026 confidential S-1 filing to a planned listing before November 26, 2026
The road to the Anthropic IPO. Graphic: GPTOnline, based on the reported timeline

Why it matters

The IPO is the biggest test yet of whether public markets will pay private-market prices for frontier AI companies. A listing at $1 trillion would still make Anthropic one of the most valuable public companies in the world, but it would be a steep comedown from the $2 trillion bankers were discussing weeks ago, and it would set a lower bar for every AI company that follows it to market.

Anthropic is under no immediate pressure to accept a lower price. With $146.6 billion in cash and a revenue run rate above $80 billion, it can afford to wait, shrink the offering, or postpone the listing until markets settle. The decision its executives and advisers make in the coming days will show whether the company values speed or price more.

For now, the timetable holds: a roadshow next week, pricing the week after, and a debut before Thanksgiving. But with investors openly questioning the valuation, the numbers attached to that timetable are still moving.

Sources