Potential buyers in Anthropic’s initial public offering are discussing a valuation range of USD 1.2 trillion to USD 1.3 trillion for the US-based AI company, according to a Bloomberg report citing people familiar with the matter. Some investors are considering a figure as low as USD 1.1 trillion.
The discussions are taking place ahead of formal IPO marketing, which was expected to start the week after the report was published on 6 November 2026. Deliberations are ongoing, and no final decisions have been made.
Investor expectations shift in stages
Valuation expectations have moved downwards several times over recent weeks. In early October 2026, prospective buyers estimated a fair valuation for Anthropic as high as USD 2 trillion. After a company briefing on its latest financials later that month, investors told the bankers managing the offering that their estimate had moved to around USD 1.4 trillion to USD 1.5 trillion.
The latest revision follows a sharp decline in technology stocks on 5 November 2026, when the Nasdaq 100 index fell 6.4%. The drop erased USD 2.3 trillion in market value, a record for a single day. On the same day, the Cboe Volatility Index reached its highest level since April 2025, a backdrop that makes new listings harder for investors to absorb. According to the report, questions about Anthropic’s valuation intensified after Democrats won control of Congress in the US midterm elections, raising the prospect of closer scrutiny of the pace and impact of data centre expansion.
Competitive positioning and secondary market risk
The listing would be the first IPO by a frontier AI model developer. One factor shaping the discussions is Anthropic’s valuation relative to OpenAI. Anthropic overtook its rival in May 2026, when it raised private funding at a valuation of USD 965 billion. OpenAI is reportedly targeting a pre-money valuation of USD 1.25 trillion in its latest funding round.
Some market strategists have argued for a more cautious approach. A multi-asset strategist at HSBC suggested that a valuation of around USD 1 trillion could be more comfortable, reducing the risk of elevated volatility once the shares begin trading. In addition, the strategist said secondary market performance matters more than the headline figure, referring to the SpaceX listing, where shares rose sharply in early trading before falling back, as a pattern to avoid in current conditions.
Options for the offering
Anthropic and its selling shareholders may begin marketing with a conservative offering size and valuation target, raising both if early investor response is positive. Chipmaker Cerebras Systems and design software company Figma both raised more than they initially indicated as bankers measured rising demand, although both now trade well below their IPO prices.
At the same time, a delay is another option. IPO filings must be publicly available for at least 15 calendar days before formal marketing can begin, with pricing and trading typically following a week later. Some companies wait weeks or months after filing publicly before starting marketing, updating their disclosures with additional quarterly financial data.
A strategist at Morningstar indicated that Anthropic would likely accept a lower valuation if the market requires it. The strategist argued that the physical and reputational costs of postponing could weigh on the company’s valuation more over the longer term than completing the offering at a slightly lower price.
