Anthropic's IPO Roadshow Is Coming — but the Valuation Has Already Slipped From $2 Trillion
Anthropic is still heading for the stock market — but the price tag on the deal has shrunk fast.
The company behind Claude is expected to begin its IPO roadshow next week, aiming for a listing in the week of November 16, ahead of Thanksgiving. Yet where investors talked about a $2 trillion valuation when October began, the conversation has now moved to $1.2–1.3 trillion, with some buyers even lower, around $1.1 trillion.
A tight timetable
Anthropic's IPO filing went public on October 26, after a confidential filing in June, and the company has applied to list on Nasdaq under the ticker ANT. The filing must sit public for at least 15 days before the roadshow can start, which puts the earliest lawful marketing date at November 10.
Even so, the schedule is not guaranteed. Reuters reported that people familiar with investor talks doubt the roadshow can start in time for a November listing, and The Wall Street Journal reported executives and advisers will meet in the coming days to review the deal.
How far the number has fallen
- Early October: talk of $1.8–2 trillion
- Mid-October: roughly $1.5 trillion
- November 6: $1.2–1.3 trillion discussed, some as low as $1.1 trillion
The only priced number in that sequence is the $965 billion post-money valuation from Anthropic's $65 billion Series H round in May 2026. Everything since is reported investor discussion, not a filed term.
Why buyers pulled back
The Nasdaq fell 5.5% on Thursday, November 5, entering correction territory, and AI stocks led the drop. Anthropic's own amended prospectus, filed November 2, added September-quarter revenue of $17 billion with growth halving to 47% and a return to a $567 million operating loss. The price range, share count and October run-rate revenue figure are still blank in the filing.
Even at $1.2 trillion, this would still rank among the largest IPOs ever. The question now is whether the roadshow starts next week, where the price range lands, and whether the listing still happens before Thanksgiving.
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