Anthropic should’ve IPO’d 2 weeks ago, missed out on a trillion

Anthropic’s expected IPO valuation has fallen from as high as $2 trillion in early October to $1.4 trillion–$1.5 trillion, and now some potential investors are considering as little as $1.1 trillion, according to Bloomberg. The reassessment follows Thursday’s Nasdaq 100 plunge, which wiped out $2.3 trillion in market value. But the stock selloff is only part of the problem. Anthropic reported $33.2 billion in revenue for the first 9 months of 2026, alongside a $104 billion net loss, and disclosed nearly $895.4 billion in future computing and infrastructure commitments. Democrats’ election gains also raise the risk of tougher restrictions on data-center construction. The IPO roadshow is expected to begin next week. The first public test of whether investors will pay a trillion-dollar price for an AI company carrying this scale of spending and losses is approaching.

https://news.bloomberglaw.com/financial-accounting/anthropic-ipo-buyers-see-valuation-as-low-as-1-1-trillion-1