Anthropic's November IPO in Doubt as Investors Push Back on $1.5 Trillion Valuation

Anthropic's highly anticipated stock market debut may not happen on schedule. Potential investors are raising doubts about whether the artificial intelligence start-up can proceed with its planned roadshow next week in time for a November listing, according to people familiar with the investor discussions.

Investors are pushing for a more attractive valuation before committing to the offering. Some view the recently discussed $1.5 trillion valuation as being at the high end of expectations.

The discussions reflect, in part, the impact of the sharpest technology selloff in a year, along with geopolitical uncertainty clouding the outlook for new offerings.

Roadshow was planned for next week

The roadshow was initially expected to kick off the week of November 9, with pricing expected the following week, Reuters previously reported. Anthropic declined to comment.

Anthropic may need to offer a bigger discount to secure investor commitments, particularly as investors recognise the company's need to raise capital, the people said, given a record of quarterly losses and the large commitments it has made to partners in the AI buildout.

For now, the November listing is not confirmed — and the timing will depend on whether Anthropic and its investors can agree on a price the market will accept.

Sources

• Reuters — AI backlash could threaten Anthropic IPO timing, potential investors say