Major investors are increasingly skeptical that Anthropic’s planned initial public offering can proceed at an expected valuation of about $1.5 trillion after a deep market selloff tied to the unwinding of AI-related bets, the Wall Street Journal reported, according to a Mint reprint of the Journal story citing people familiar with the matter.
Anthropic has been aiming to stage the IPO the week before Thanksgiving and has been expected to raise up to $100 billion in an offering that could value the company at around $1.5 trillion, the Journal reported. Three major investors who plan to participate told the Journal the valuation will likely need to come down, with one saying it could be closer to $1 trillion. Another wondered whether Anthropic could delay its offering. A further option, the Journal said, is that the company could raise less money than anticipated. It had $146.6 billion cash on hand as of Sept. 30, according to the Journal.
Separately, Reuters reported on Thursday, November 5, that potential investors are raising doubts about whether Anthropic can proceed with its planned roadshow next week in time for a November listing, citing four people familiar with investor discussions. Some view the recently discussed $1.5 trillion valuation as being at the high end of expectations, the people told Reuters. Anthropic declined to comment on those investor doubts, Reuters said.
The roadshow was initially expected to kick off the week of November 9, with pricing the following week, Reuters previously reported. Anthropic may need to offer a bigger discount to secure commitments, particularly given a record of quarterly losses and large commitments to partners in the AI buildout, the people said. Investors are also awaiting Anthropic’s October revenue figure, which the company left blank in its updated S-1 filing, two of the people said.
At one point this year investors expected an October IPO seeking a valuation as high as $2 trillion, Reuters reported. If AI-related markets remain under pressure, the company could delay until an offering some expect could reach $100 billion can be digested more smoothly, the people said.
Anthropic executives and advisers are expected to meet in the next few days to discuss IPO plans and have avoided committing to specific plans throughout the process to keep options open, the Journal reported. Anthropic has also filed to sell up to $3.5 billion of shares to Japanese investors as part of the U.S. IPO.
The Journal said OpenAI has raised less than half of the $30 billion it initially targeted for its latest funding round, receiving $11 billion so far at a $1.25 trillion valuation, lower than it first sought.
Sources
- Wall Street Journal via Mint: Major investors are skeptical Anthropic IPO can achieve $1.5 trillion valuation, by Corrie Driebusch, Berber Jin and Anissa Gardizy (November 6, 2026)
- Wall Street Journal: Major investors are skeptical Anthropic IPO can achieve $1.5 trillion valuation (November 2026; paywalled, not bypassed)
- Reuters via Investing.com: Exclusive: AI backlash could threaten Anthropic IPO timing, potential investors say, by Echo Wang, Krystal Hu and Milana Vinn (November 5, 2026)
- CNA: Exclusive: AI backlash could threaten Anthropic IPO timing, potential investors say (Reuters, November 5, 2026)
- AI Tech Daily: Anthropic’s amended S-1 shows third-quarter revenue of $16.96 billion and a $23.29 billion net loss (November 2, 2026)
- AI Tech Daily: Anthropic files to sell up to $3.5 billion of shares to Japanese investors as part of its U.S. IPO (November 2, 2026)