Anthropic's IPO valuation under pressure as AI stocks tumble after US midterms
Investors are reconsidering Anthropic's planned $1.5 trillion IPO valuation, with some suggesting a $1 trillion figure amid a broad sell-off in AI shares following the Democrats' midterm win.
Anthropic, the developer of the Claude chatbot, had aimed to list its shares within the next two weeks at a valuation of about $1.5 trillion (£1.1 trillion). Recent market turbulence in AI stocks, triggered by the Democrats' success in the US midterm elections, has led several major investors to propose a lower valuation of roughly $1 trillion.
Three investment funds told the Wall Street Journal that a reduced figure would be needed to navigate the sell-off that erased more than $3 trillion from US markets on Thursday. Analysts warned that the IPO could be delayed, with one noting that it "will not be well received in this environment" and another saying a postponement would protect against near-term valuation risks if the correction persists.
The probability of a November launch fell sharply on the Polymarket prediction platform, with many now expecting a December offering. Anthropic's filing disclosed spending commitments approaching $1 trillion to expand data-center capacity for Claude, alongside a reported loss of $104 billion in the first nine months of the year. The company has not responded to requests for comment.