Stakeholders are lowering their valuation expectations for Anthropic as the artificial intelligence company prepares for an expected Nasdaq debut under the ticker ANT. While the company was reportedly seeking a $2 trillion valuation last month, investors told CNBC that even a $1.5 trillion figure is now in doubt. One investor described that target as a "stretch."
Market volatility has contributed to the shift in sentiment, following a period where the Nasdaq plummeted more than 5% on Thursday. This decline, the steepest in 19 months, reflects concerns regarding outsized spending by AI companies and potential regulatory shifts in Washington, D.C. that could slow data center construction. The Nasdaq also suffered its worst month in October since March 2025, driven largely by declines in neoclouds and chipmakers.
One investor, speaking on condition of anonymity, suggested a valuation target of $1 trillion to $1.25 trillion is more likely given current market conditions, though noted this remains subject to change. Anthropic was privately valued at $965 billion as of May. The company declined to comment on the shifting projections.
Gil Luria, an analyst at D. Davidson, said that investors will expect the IPO to be priced at least at the low end of previous expectations. "The market really needs this IPO to go well and the bankers on the deal surely understand that," Luria said. "The best way to set Anthropic up for success is to price the deal well."
Anthropic is expected to begin its roadshow next week as it gears up for its listing in a matter of weeks.
