Anthropic IPO valuation discussions fall to $1.3 trillion, Bloomberg reports

Anthropic’s expected initial public offering valuation is facing another downward adjustment as investors reassess the artificial-intelligence trade following Thursday’s brutal selloff, although the latest discussions could also suggest the company is finding a price at which it can move forward with its highly anticipated debut.

Some prospective investors are now discussing a valuation of approximately $1.2 trillion to $1.3 trillion for the Claude developer, Bloomberg News reported Friday, citing a person familiar with the matter. That compares with the $1.4 trillion to $1.5 trillion range investors had previously communicated to bankers, according to earlier Bloomberg reporting.

No final decisions have been made, and discussions remain ongoing, the person said. An Anthropic spokesperson declined to comment.

The latest reassessment follows Thursday’s sharp selloff in technology stocks, when the Nasdaq 100 plunged 6.4%, wiping out approximately $2.3 trillion in market value in its largest single-day decline on record. The volatility has complicated the outlook for what could become the first major public offering by a frontier artificial-intelligence model developer.

The valuation expectations have retreated considerably from early October, when investors discussed figures as high as $2 trillion. The subsequent decline to $1.4 trillion to $1.5 trillion followed an investor briefing on Anthropic’s financial performance, while the latest discussions suggest the market turmoil has prompted another reassessment.

The Wall Street Journal reported Thursday that major investors were increasingly skeptical Anthropic could achieve its anticipated $1.5 trillion valuation. Three prospective investors told the Journal that the offering would likely need to be priced lower, with one suggesting a valuation closer to $1 trillion. The report also raised the possibility of a smaller fundraising target or a delay in the IPO.

Bloomberg’s latest reporting, however, points to discussions around a $1.2 trillion to $1.3 trillion valuation, potentially indicating that investors and bankers are still working toward an offering rather than abandoning the timetable.

The market environment remains challenging. Thursday’s selloff came amid growing concerns about the scale of AI infrastructure spending, the returns on massive data-center investments and the potential for political and regulatory opposition to new facilities following the Democrats’ midterm election gains.

The Cboe Volatility Index also climbed to its highest level since April 2025, adding another complication for companies seeking to raise capital through public offerings.

Still, the latest valuation discussions could be interpreted as a relatively constructive development against the backdrop of Thursday’s market rout. A potential valuation of $1.2 trillion to $1.3 trillion would represent a substantial discount to the expectations investors were entertaining just weeks ago, potentially making the offering more palatable to institutional buyers.

Rather than insisting on the lofty valuations previously discussed, Anthropic and its advisers may be moving toward a price that better reflects current market conditions and investor appetite. If the company can proceed with its IPO at that level, it would provide an important test of whether demand for leading AI businesses remains strong despite the broader sector correction.

The final valuation and timing remain uncertain, but the distinction between a repricing and a postponement is important. For investors looking for evidence that the AI IPO pipeline remains intact, Anthropic’s ability to move forward at a more grounded valuation could ultimately be a positive signal.