Anthropic’s IPO Valuation Could Fall as Low as $1.2 Trillion
Bloomberg’s Seth Fiegerman reports that prospective investors are reassessing Anthropic’s expected IPO valuation, with some now putting it as low as $1.2 trillion after figures above $2 trillion circulated weeks earlier. He attributes the shift to questions about whether the company’s growth is sustaining its earlier pace, alongside a broader market reset in valuations. Anthropic was still expected to go public before Thanksgiving, but Fiegerman said it would need to make key decisions soon to meet that timetable.
The valuation rethink reflects company-specific and market pressures
Anthropic’s possible valuation has fallen from the figures investors were discussing only weeks ago. Bloomberg AI editor Seth Fiegerman said reporting about a valuation above $2 trillion had circulated about a month earlier; a week before the broadcast, the discussion had been around $1.5 trillion to $2 trillion. Tim Stenovec put the latest figure at as low as $1.2 trillion, citing sources.
Fiegerman described two pressures behind the rethink. One is specific to Anthropic: recent financial numbers have prompted questions about whether growth is continuing at the pace it had earlier in the year. The other is broader market repricing. As investors reset valuations and targets across the market, he said, Anthropic could be affected too.
A graphic shown during the discussion put Anthropic’s third-quarter revenue near $17 billion, up 12% year over year. It also showed losses of $23.3 billion, compared with $12.1 billion a year earlier, and operating expenses up 292% year over year. Fiegerman did not identify any one of these figures as the cause of the valuation change.
The graphic’s figures show revenue rising alongside larger losses and sharply higher operating expenses. That is the financial context displayed during the discussion; the explanation Fiegerman gave for the valuation rethink was the combination of questions about Anthropic’s recent growth pace and a wider market reset.
The IPO timetable remains possible but requires a decision soon
Fiegerman said that, as of the broadcast, Anthropic was still expected to go public before Thanksgiving. He also said decisive moments were coming in the next few days: to market the offering, hold a roadshow and go public before Thanksgiving, the company would need to decide soon. He did not say that the company had made that decision.
A graphic shown during the discussion said Anthropic had filed for an IPO, would trade on Nasdaq under the symbol “ANT,” and had Goldman Sachs and Morgan Stanley leading the offering. It said marketing was expected to begin as soon as the week of November 9. That reported marketing window is separate from Fiegerman’s account of the decision deadline and the possible before-Thanksgiving debut.
Political ties do not remove scrutiny or funding pressure
Asked whether Anthropic’s relationships with Democrats might work to its advantage as Congress changes in 2027, Fiegerman pointed to constraints on both sides. He said the company had closer ties with some Democrats and had hired former Biden administration officials, while also noting that it operates under the Trump administration. He added that Democrats had scrutinized the company in recent months, including over safety issues involving its models.
Fiegerman said Anthropic and OpenAI might now be approaching similar valuations, while seeking capital through different routes: Anthropic in public markets and OpenAI in private markets. Both companies, he said, are trying to raise more money to meet their needs as the market may be getting more jittery about how much capital it will provide.