Anthropic IPO valuation talks fall to a $1.3 trillion range

Some prospective investors are discussing an Anthropic IPO valuation of about $1.2 trillion to $1.3 trillion, Bloomberg reported Friday, citing a person familiar with the matter. That is below the $1.4 trillion to $1.5 trillion range those investors had earlier communicated to bankers, according to Bloomberg's previous reporting. No final decision has been made, and the talks are still going, the person said. An Anthropic spokesperson declined to comment.

Update, Nov 10: Reuters later reported that Anthropic walked back IPO pricing details in a filing sent to banks and said an updated filing would follow.

The number has already moved more than once. Bloomberg said investors discussed figures as high as $2 trillion in early October, then a $1.4 trillion to $1.5 trillion range after a briefing on Anthropic's financial performance. Friday's range is a further step down after Thursday's selloff. It is a conversation reported second-hand, not a price in a registration statement.

Anthropic's amended S-1 still leaves the offering price blank. The filing, for the quarter ended Sep 30, 2026, reports $17.0 billion of revenue and about $895.4 billion of purchase commitments and leases, substantially all of it tied to compute and infrastructure. A valuation discussed with bankers is not revenue, and it is not that committed spend. Our explainer on the confidential filing covers how the company reached a public S-1.

Bloomberg tied the latest reassessment to Thursday's market drop. It said the Nasdaq 100 fell 6.4% and about $2.3 trillion of market value was erased, which it called that index's largest single-day decline on record. Our account of the chip-stock session used a different pair of closes: NBC's 6.3% drop in the Nasdaq 100 and Reuters' 5.52% drop in the broader Nasdaq Composite. Those are different indexes. Bloomberg's dollar figure should not be substituted for either percentage.

Thursday's reporting had already described pushback at the higher valuation. The Wall Street Journal said three prospective investors thought the offering would likely need a lower price, with one suggesting something closer to $1 trillion. The Journal also raised a smaller raise, or a delay, against an expectation of listing the week before Thanksgiving and raising up to $100 billion at about $1.5 trillion. Bloomberg's Friday range sits between that $1 trillion suggestion and the $1.5 trillion figure. None of those amounts is a term Anthropic has published.

Price and calendar are separate questions. Reuters reported Thursday evening that potential investors were unsure Anthropic could start a roadshow next week and still list in November, according to four people familiar with the discussions. Reuters had earlier reported that the roadshow was expected the week of November 9, with pricing the following week. Some of those people see $1.5 trillion as the high end. Anthropic declined to comment on the doubts. Two of the people said investors are waiting on an October revenue figure that the updated S-1 left blank.

Reuters also said that if selling in AI-related assets continues, the company could wait rather than proceed with an offering some people expect to reach $100 billion. A lower number under discussion is not a cancelled IPO, and a report that delay is possible is not a decision to delay. Until Anthropic files a price range, the $1.2 trillion to $1.3 trillion talk is what one person told Bloomberg that prospective investors are discussing.