Investors Want Anthropic's IPO Price First: Is That Why OpenAI Cut $10 Billion?

Some investors want to see Anthropic’s stock market price before they put more money into OpenAI, the Financial Times has reported. OpenAI, meanwhile, has cut its funding target by $10 billion.

Anthropic, maker of the Claude chatbot, is preparing to go public. As tech stocks tumbled, the ChatGPT maker’s own price tag fell $150 billion, from $1.4 trillion to $1.25 trillion.

Why Did Investors Balk at $1.4 Trillion?

According to the Financial Times, which cited a person close to the matter, the pitch was struggling before the market turned.

“There has been zero clamouring. All the prior times [OpenAI] have been on there’s been a frenzy. This time is a bit of a thud,” they said.

Then stocks slid. The Nasdaq-100 lost about $2 trillion in value during October’s tech stock selloff, as investors questioned the cost of AI.

By Friday’s deadline, some backers had shrunk their checks. The first close is now expected below $20 billion, Reuters reported.

BeInCrypto flagged that risk on October 23. The gap is now $10 billion.

OpenAI has cut its fundraising target to $20B from $30B and lowered its target valuation to $1.25T from $1.4T, per FTSome investors reduced commitments amid the AI selloffThe initial close is expected to fall short of $20B, with a later offering potentially filling the gap pic.twitter.com/h2d92M7LK0

— Wall St Engine (@wallstengine) October 31, 2026

Who Still Wants In, and at What Price?

A group of UAE investors, including state-backed fund MGX, is set to be the biggest buyer. In return, OpenAI gets an option to lease new computing power in the region.

Founders Fund, Coatue, Sequoia Capital, and Andreessen Horowitz are also expected to join.

Some professional investors cut back at $1.25 trillion. Wealthy individuals will later be offered shares at that same price.

Early backers are still ahead. Amazon, Nvidia, and SoftBank bought in March at an $852 billion valuation. The new price is about 47% higher.

The real test comes within weeks. Anthropic could list on Nasdaq as soon as mid-November, giving those investors the price they asked to see. OpenAI wanted its round closed before then, Reuters reported, since both draw on a similar pool of investors.

“The market needs to see a successful IPO. These companies need funding,” said Jimmy Chang of the Rockefeller Global Family Office, who holds stakes in both labs.

OpenAI plans its own listing in 2027. Anthropic will face public buyers first.