Some investors are lowering their expectations for Anthropic after tech stocks tumbled on Wall Street this week.
The artificial intelligence company was until recently aiming for an IPO valuation of $2 trillion, but people told CNBC that even $1.5 trillion is now in doubt, with one investor calling the number “unreasonable.”
Antropic declined to comment.
This shift in sentiment comes as concerns grow over massive spending by AI companies and the market’s sharp downturn since the midterms. The Nasdaq plunged more than 5% on Thursday, its biggest decline in 19 months, reflecting concerns that Democrats’ newfound strength in Washington, D.C., and national condemnation of AI could lead to a slowdown in data center construction.
Bearish views on AI trade had been growing before the election. The Nasdaq had its worst month in October since March 2025, led by declines in semiconductor makers and NeoCloud.
Anthropic is Nasdaqunder the ticker ANT, is gearing up for its expected debut in the coming weeks. Last month, Anthropic was reported to be seeking a valuation as high as $2 trillion. The company’s private valuation as of May was $965 billion.
Following recent market turmoil, one investor said the valuation target is likely between $1 trillion and $1.25 trillion, although that could change depending on market conditions. The investors requested anonymity because they were not authorized to discuss the matter.
“Investors would expect the IPO to be priced at least at the lower end of previous expectations,” DA Davidson analyst Gil Luria told CNBC.
“The market really needs this IPO to do well, and the bankers participating in the transaction certainly understand that,” Luria said. “The best way to set Anthropic up for success is to price the deal right.”
The company plans to begin roadshows next week.
Attention: Some Anthropic investors are now skeptical of $1.5 trillion valuation
