Investors Trim Anthropic IPO Valuation Amid Market Selloff
Wall Street investors are lowering expectations for Anthropic's upcoming Nasdaq listing, with estimates now ranging between $1 trillion and $1.25 trillion, down from earlier $2 trillion targets.
Investors are revising down the valuation range for artificial-intelligence firm Anthropic ahead of its planned Nasdaq debut, according to sources speaking to CNBC. Earlier discussions had floated a $2 trillion price, but the market turbulence following the recent tech sell-off has led some investors to view even $1.5 trillion as optimistic. One source, who asked to remain anonymous, suggested a more realistic target of $1 trillion to $1.25 trillion, depending on market conditions.
The shift comes as the Nasdaq fell more than 5 percent on Thursday, its steepest decline in 19 months, amid concerns that the Democratic majority in Washington and broader regulatory scrutiny could slow AI-related data-center expansion. The broader AI sector has already faced bearish sentiment, with chipmakers and cloud providers driving the Nasdaq's worst October month since March 2025.
Anthropic, which was privately valued at $965 billion as of May, plans to list under the ticker ANT within weeks and will begin its roadshow next week. The company declined to comment on the valuation outlook.
Gil Luria, an analyst at D.A. Davidson, told CNBC that investors will likely expect the IPO price to be at the lower end of prior expectations and emphasized the importance of a well-priced offering for the deal's success.
"Investors will expect the IPO to be priced at least at the low end of previous expectations," Luria said. "The market really needs this IPO to go well and the bankers on the deal surely understand that. The best way to set Anthropic up for success is to price the deal well."