Tech Stock Plunge Drags Down Anthropic IPO Valuation; Investors Lean Toward $1.5 Trillion to $1.6 Trillion
According to a Wall Street Journal report, amid last week's tech stock plunge, institutional investors planning to participate in Anthropic's IPO are inclined to give a valuation of $1.5 trillion to $1.6 trillion, far below the nearly $2 trillion figure previously circulating. Investors are worried about stock market volatility, excessive AI investment exposure, political backlash facing data centers, and when hyperscalers such as Amazon and Meta will show AI-related profits. Anthropic has not yet set a valuation target; it plans to launch its roadshow as early as next week, with the listing expected in the week before Thanksgiving.
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The report provides the specific valuation range institutional investors have given for Anthropic's IPO, along with the pricing backdrop including the tech stock decline and concerns over AI investment exposure.
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Far below $2 trillion: tech stock plunge said to drag down Anthropic IPO valuation
Phoenix Tech Download the app for exclusive early access November 03, 2026 06:58:56 From Beijing Updated November 03, 2026 06:59:07
Image caption: Anthropic CEO Amodei
Phoenix Tech News, November 3 (Beijing time): According to The Wall Street Journal, last week's plunge in tech stocks has made large investors planning to participate in Anthropic's IPO inclined to give the AI giant a lower valuation.
According to people familiar with the matter, over the past few days, institutional investors have told Anthropic and its advisory team that they believe the company's IPO, planned for later this month, should be valued at around $1.5 trillion to $1.6 trillion, far below the valuation of nearly $2 trillion that has circulated in the market in recent months.
Investors listed a series of worrying factors, including volatile stock markets and growing market concerns about excessive exposure to AI investments. In addition, political backlash facing data centers, and uncertainty over when hyperscale cloud service providers such as Amazon and Meta will be able to show AI-related profits, are also making investors uneasy.
Anthropic has not yet finalized its valuation target and is still considering how many shares it plans to sell. After last month's investor day, some investors had already told the company that its valuation should be closer to $1.5 trillion. But that was before last week's double-digit decline in tech stocks, when shares of companies including Intel and Alphabet fell sharply after a series of disappointing earnings reports.
Some investors said they believe Anthropic CFO Krishna Rao will set a conservative valuation and prioritize ensuring that IPO investors can get a first-day "pop" when the stock lists. They believe that even if Anthropic lists at a valuation of about $1.5 trillion, its share price could push the company's market value to $2 trillion by the end of the first trading day. Elon Musk's SpaceX surged 30% on its first day of trading in June, but at that time investors' general anxiety about AI had not yet taken shape.
Anthropic plans to launch its investor roadshow as early as next week, with the listing expected in the week before Thanksgiving. The company will disclose the number of shares it hopes to sell and its target price range when the roadshow begins, thereby giving its target valuation. (Author/Xiao Yu)
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