Anthropic plans to proceed with IPO at a valuation range of $1.25 trillion to $1.75 trillion

Anthropic Is Going Public Even If It Bleeds! Valuation Expectations Fall Below SpaceX, Musk's Record Preserved | QbitAI Download the App for Exclusive Early Access | November 08, 2026 11:04:44 From Beijing

By Yuyang, from the Non-Famous Temple

QbitAI | WeChat Official Account QbitAI

U.S. tech stocks are crashing, crashing, crashing, and Anthropic has no choice but to lower its proud head.

The IPO hasn't deteriorated to the point of being outright aborted—Dario still intends to complete the listing before Thanksgiving (November 26).

But the valuation... well, wanting to continue writing the SpaceX myth is going to be difficult.

According to the Financial Times, in order to get the rice cooked as early as possible, Company A is prepared to accept a valuation range of "$1.25 trillion to $1.75 trillion." Previously, investors' IPO expectations for Company A were $2 trillion.

Valuation Discounted, but the IPO Cannot Stop

By all accounts, Company A does not lack money.

Reports show that Anthropic still has $132 billion in cash and short-term investments sitting on its books, and counting various liquid assets, it holds at least nearly $150 billion (a trillion yuan) in hand.

The financial data also looks decent on the surface:

The newly updated third-quarter financial report shows that Company A's Q3 single-quarter revenue was approximately $17 billion, higher than the $16.8 billion previously pre-briefed to investors. Cumulative revenue for the first nine months reached $33.24 billion.

Although the losses are quite exaggerated—Q3 single-quarter net loss of $23.29 billion, and cumulative net loss of $104 billion for the first nine months—the bulk of it comes from accounting-standard write-downs brought about by "changes in the fair value of convertible notes and derivative liabilities."

Another person familiar with the matter revealed that Anthropic's annualized revenue, calculated based on recent business performance, has risen from about $65 billion at the end of July to about $81 billion.

It's just that the wallet is bulging, but the bills are also pressing hard.

Anthropic disclosed in its updated prospectus that its contractual obligations total approximately $895.4 billion, almost all related to computing power and infrastructure. Company A expects that within the 12 months starting from the end of September this year, about $69.8 billion will need to be paid.

So the plot might be...

Computing power payment notices are plastered on its forehead! Even with the market crashing, it has to bleed its way into an IPO to raise money!

In addition, the Financial Times, citing people familiar with the matter, reported that Anthropic still hopes to raise the full amount in this IPO at once, avoiding issuing new shares in the future and diluting shareholders' holdings.

Some major shareholders of Company A also believe that going public can open up debt financing channels for the company.

Drama Countdown

Over there, OpenAI has just lowered its expected valuation from $1.4 trillion to $1.25 trillion, with $11 billion in new financing received—less than half of the original plan.

Here, Anthropic, bearing a rumored annualized revenue of $81 billion, is rushing headlong into an IPO even at a reduced price.

...Winter is coming, my friends.

According to the currently leaked schedule, JPMorgan plans to hold a briefing for potential investors in Company A on November 13.

Based on the SEC's regular 20-day effective period after the S-1 was publicly filed on October 26, if all goes smoothly, Anthropic's stock "ANT" could officially land on Nasdaq as early as the week of November 16, completing the listing before the Thanksgiving holiday.

So... how the first act of this IPO drama ends—everyone need not wait long; the opening bell of Nasdaq will soon give the answer.

Wait excitedly.

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