TLDR
- Investors reportedly doubt Anthropic can start its IPO roadshow in time for a November listing.
- Some want a valuation near $1 trillion, not the $1.5 trillion under discussion.
- Anthropic left October revenue blank in its updated S-1 filing.
- Nasdaq Composite lost $2.5 trillion in value on Thursday.
- Anthropic held $146.6 billion in cash on September 30.
Potential investors reportedly doubt Anthropic can start its initial public offering roadshow in time for a November listing. Four people familiar with the talks told Reuters that investors want a more attractive price before they commit.
BREAKING: Major investors are “increasingly skeptical” that Anthropic’s IPO can proceed at the expected valuation of $1.5 trillion after today’s market drop, per WSJ.
One major investor said Anthropic’s valuation will need to come down to $1 trillion.
This marks a major…
— The Kobeissi Letter (@KobeissiLetter) November 6, 2026
The roadshow is a series of investor meetings held before pricing. It had been expected the week of November 9.
The Price Investors Want
Some investors reportedly see the discussed $1.5 trillion valuation as high. The Wall Street Journal reported that one investor suggested pricing could land closer to $1 trillion.
Another investor said the company could cut its fundraising target to about $80 billion. The earlier plan was to raise up to $100 billion.
Reuters reported that Anthropic may also need a bigger discount because of its quarterly losses and large partner commitments. The company has yet to make firm decisions on the size and timing of the offering.
Anthropic’s revised Form S-1 filing shows third-quarter revenue of $17 billion. That is up 1,127% from the same period in 2025.
The company is still losing money. It reported a net loss of $104 billion through September, compared with $25.1 billion in the same period of 2025. Its third-quarter net loss was $23.29 billion.
Investors also want to see a number that is missing. The updated filing left October revenue blank. They reportedly want it to judge whether growth has picked up again.
Third-quarter revenue rose 46.7% from the second quarter. That is down from growth of 144.2% a quarter earlier, according to the amended filing. Growth has rebounded before, reaching 132% in the first quarter of 2026 from 48% in the fourth quarter of 2025.
A Sell-Off Sets the Backdrop
The doubts follow a sharp drop in technology shares on Thursday. The Nasdaq Composite lost a combined $2.5 trillion in market value. US stocks lost about $2 trillion in the first trading hour, according to Reuters.
Keith Lerner, chief investment officer at Truist Advisory Services, said tech trailed the S&P 500 by 10.7% over a month. He called it the largest one-month gap since May 2002.
“We are now seeing something of a buyers’ strike in tech,” he said.
The sell-off came two days after Democrats won the US midterm elections. Investors grew concerned about the party’s stance on AI. Representative Yassamin Ansari wrote on X that AI is “out of control” and called for a ban on artificial superintelligence.
Ansari also called for a pause on advanced AI development on the first day Democrats take control of Congress in January 2027. One investor told the Wall Street Journal that institutions may be unwilling to put more money into AI stocks so soon after recent losses.
Anthropic can afford to wait. It held $146.6 billion in cash on September 30, which leaves room to delay or shrink the deal. Executives and advisers are expected to meet in the coming days to review the IPO plans.
Some investors also want to see Anthropic’s price before backing OpenAI, the Financial Times reported. New York Angels’ Bob Peck sees the price as a yardstick for cloud giants valued at $2 trillion to $4 trillion.
Reuters reported that some analysts expect strong retail demand, as with SpaceX. SpaceX shed 20% from its peak within a week of its June debut. Anthropic still has to supply its October revenue figure before the roadshow can move forward.
