Prospective buyers are reducing initial public offering valuation expectations for Claude maker Anthropic PBC to between $1.1 trillion and $1.3 trillion ahead of formal marketing. The recalibration follows a 6.4% single-day plunge in the Nasdaq 100 index that wiped out $2.3 trillion in market value on November 5, 2026, alongside political shifts in U.S. Congress signaling heightened scrutiny over data center expansions. Analysts indicate Anthropic is likely to proceed at a lower valuation rather than incur the costs of delaying.
Anthropic IPO valuation strategy
- ▪Anthropic and its selling shareholders may launch formal IPO marketing with a conservative valuation target and size, potentially raising them if initial investor demand is strong
- ▪Prospective buyers estimated Anthropic's IPO valuation at $1.2 trillion to $1.3 trillion (some low as $1.1 trillion) ahead of formal marketing, down from previous estimates of $1.4 to $1.5 trillion and $2 trillion in early October 2026
Strategist commentary on lower valuation
- ▪Morningstar chief equity strategist Michael Field stated that Anthropic would likely accept a lower IPO valuation to avoid the physical and reputational costs of delaying its public offering
- ▪HSBC chief multi-asset strategist Max Kettner suggested a $1 trillion valuation could offer a more comfortable entry point for Anthropic, reducing secondary market volatility risk
Market selloff and volatility
- ▪The Nasdaq 100 index plunged 6.4% on November 5, 2026, wiping out a single-day record of $2.3 trillion in market value
- ▪The Cboe Volatility Index rose on November 5, 2026 to its highest level since April 2025, increasing difficulty for any IPO among investors
Private valuations of Anthropic and OpenAI
- ▪OpenAI targeted a $1.25 trillion pre-money valuation during its latest private funding round
- ▪Anthropic set a private fundraising valuation of $965 billion in May 2026, surpassing competitor OpenAI at that time
Story comments
Loading comments…