IPO Investors Skeptical of Anthropic's $1.5 Trillion Target

Some would-be investors reportedly doubt Anthropic can get its IPO roadshow underway in time for a November float. Four people close to the talks told Reuters that investors want a more appealing price before signing on.

The roadshow, a sequence of investor meetings held ahead of pricing, had been penciled in for the week of November 9. A postponement could tighten a market that leans heavily on big tech.

What Are Anthropic's IPO Investors Seeking Before the Roadshow?

Valuation is the main sticking point, as some investors reportedly consider the proposed $1.5 trillion figure excessive. One investor suggested the price might land near $1 trillion, the Wall Street Journal reported.

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

For Reuters, Anthropic might also require a more substantial discount, factoring in its quarterly losses and significant partner obligations.

The other missing item is a number investors haven't yet seen. Anthropic's updated S-1, the IPO registration statement, left October revenue blank.

Investors reportedly want that figure to evaluate whether growth has revived. Third-quarter revenue increased 46.7% from the second quarter, down from a 144.2% gain in the prior quarter, as shown in the amended filing.

What Could Happen If Anthropic Delays?

If those answers come late, Anthropic has the flexibility to wait. With $146.6 billion in cash as of September 30, it can postpone or trim the deal. Executives and advisers are said to plan a review of the IPO in the coming days.

The review follows a Thursday when US stocks lost roughly $2 trillion in the first trading hour.

Truist Advisory Services chief investment officer Keith Lerner said tech lagged the S&P 500 by 10.7% over a month. He called it the most extreme one-month gap since May 2002.

“We are now seeing something of a buyers’ strike in tech,” he said.

Who Else Is Waiting on Anthropic's Price?

The impact extends beyond Anthropic's own shareholders. Bob Peck from New York Angels sees the price as a yardstick for cloud giants valued at $2 trillion to $4 trillion.

Some investors would also like to see Anthropic's price before backing OpenAI, the Financial Times reported.

Retail buyers could be exposed as well. Reuters reported that some analysts expect strong retail demand, similar to SpaceX. Yet SpaceX fell 20% from its peak within a week of its June listing.

Before any of those buyers commit, Anthropic must still provide the October figure. The S-1 shows growth has bounced back before, reaching 132% in Q1 2026 from 48% in Q4 2025.

A similar rebound might close the price gap. Without it, the roadshow becomes a test of valuing a frontier AI lab during a technology selloff.