Anthropic IPO May Be Delayed: $1.5 Trillion Valuation Questioned by Investors, Tech Stock Rout Hits Listing Plans

Source Tradingkey

TradingKey - Anthropic had originally planned to launch its initial public offering roadshow during the week of November 9 and price the deal the following week, but that timeline is now facing uncertainty. According to Reuters, citing people familiar with the matter, some potential investors have begun to doubt whether the company can move forward with the listing as planned, demanding more attractive pricing to participate in the offering. The $1.5 trillion valuation previously discussed in the market is viewed by some institutions as the upper limit of an acceptable range, meaning Anthropic may need to make further pricing concessions to lock in sufficient orders amid heightened market volatility.

Behind the valuation disagreement is investors' reassessment of Anthropic's growth rate, persistent losses, and massive computing power expenditures. Earlier this year, the market anticipated the company might go public at a valuation of up to $2 trillion and raise as much as $100 billion. As financing costs for AI infrastructure have climbed and related equities and bonds have faced sell-offs, capital markets have clearly tightened pricing standards for high-growth companies. Even though Anthropic is still viewed as a major player in generative artificial intelligence, institutions are no longer willing to accept an excessive IPO valuation based solely on industry prospects.

Anthropic's latest disclosed operating figures have further amplified these tensions: third-quarter revenue grew 47% quarter-over-quarter to $16.96 billion, but the pace slowed significantly from 144% in the second quarter. Over the same period, its net loss narrowed from $66.3 billion in the prior quarter to $23.29 billion, though it still posted an operating loss of $567 million.

More notably, the company's computing power and infrastructure commitments associated with partners such as Amazon (AMZN) and Google (GOOGL) approach $895.4 billion, of which approximately $69.8 billion will mature in the next 12 months; rapid growth continues, but sustaining this expansion requires ongoing external capital and computing resource support.

Potential investors are also currently waiting for Anthropic to disclose its October revenue, a figure the company left blank in its updated S-1 filing. Whether business re-accelerated in October will directly shape institutional assessments of its valuation. If revenue growth continues to slow, Anthropic may need to make greater concessions on its offering price.

The external market environment is likewise unfavorable for mega-IPOs. Following the U.S. midterm elections, tech stocks and AI infrastructure assets suffered consecutive sell-offs, with more than 50 S&P 1500 tech constituents falling at least 10%, while retail selling rose to highs not seen since the pandemic. Companies such as Nebius (NBIS), IREN (IREN), and CoreWeave (CRWV) saw their market capitalizations cut roughly in half within a month. Meanwhile, several states passed proposals restricting data center development, making power consumption, land use, and AI infrastructure expansion increasingly prominent political issues.

If the AI sector remains under pressure, Anthropic may choose to delay the offering and wait for market risk appetite to recover. This does not mean the listing plan will be canceled; rather, the company needs to find a new balance among valuation, offering size, and timing. Some market observers believe Anthropic could still complete its listing on the strength of its Claude model's brand recognition and retail demand, but the lofty valuation premium accumulated over time in the private market will likely need to contract moderately before entering the public market.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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