Investors Cut Anthropic IPO Hopes as Market Turns

Anthropic’s hoped-for $2 trillion IPO valuation is in doubt, as investors told CNBC that even $1.5 trillion looks like a “stretch.” The company is preparing for an expected Nasdaq debut in a matter of weeks, when investors and bankers will determine what its shares are worth. The costs of its ambitious expansion now factor into that calculation.

The Price of the Deal

One investor said a valuation between $1 trillion and $1.25 trillion now looks more likely, though market conditions could change the estimate. Investors who spoke to CNBC asked not to be named because they aren’t authorized to discuss the matter. Anthropic declined to comment.

The company had been eyeing a $2 trillion valuation. Last month, it reportedly sought a valuation as high as that figure; as of May, investors privately valued it at $965 billion. The central question is plain: how much will investors pay when Anthropic offers shares to the public?

Anthropic plans to list on the Nasdaq under the ticker ANT. Its expected debut is only weeks away, and the company is expected to kick off its roadshow next week, presenting the offering to potential investors.

Gil Luria, an analyst at D.A. Davidson, told CNBC, “Investors will expect the IPO to be priced at least at the low end of previous expectations.” He added, “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.” The message is blunt: the market needs a successful debut, and bankers help set the price.

A Selloff Meets AI Spending

The reassessment follows a Wall Street tech selloff and growing concerns about AI companies’ outsized spending. On Thursday, the Nasdaq fell more than 5%, its steepest drop in 19 months. Fears that Democrats’ newfound power in Washington, D.C., and a nationwide rebuke of AI could slow data-center construction accompanied the selloff.

Investors worry about what that political shift could mean for the industry’s expansion. The account names no specific legislation or policy change. It does, however, put political power and public opposition alongside the financial risks companies face as they spend heavily on AI infrastructure.

The Market Sets the Terms

Bearishness on the AI trade had grown before the election. In October, the Nasdaq had its worst month since March 2025, led by declines in chipmakers and neoclouds. The latest fall puts more pressure on a sector whose valuations depend on expectations for continued growth and spending.

The report quotes investors and a financial analyst; Anthropic declined to comment. It includes no workers, community organizers, or mutual-aid efforts, and describes no grassroots response to the data-center buildout. Instead, the road to the IPO runs through market sentiment, investor estimates, and bankers pricing the deal. For now, the hoped-for $2 trillion figure has given way to a lower range, and even that estimate remains subject to market conditions.