Anthropic will start its IPO roadshow next week, and the Anthropic IPO is now a very different deal than the one investors were talking about a month ago. The Financial Times reported on November 6 that the company behind Claude is pressing ahead with a listing before Thanksgiving, aiming to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion.

That range is a comedown. Just last month, the most optimistic investors were floating a $2 trillion valuation. After a sharp selloff in AI stocks this week, the number on the table has dropped by hundreds of billions, and some of the biggest buyers in the deal are saying even the new range is too high.

The Information reported on Friday that Anthropic will proceed with the roadshow next week, with a listing still targeted for the week of November 16, ahead of Thanksgiving on November 26. CNBC reported the same timing, and JPMorgan is said to be planning an investor presentation on November 13.

How the Anthropic IPO valuation fell from $2 trillion

October was supposed to be Anthropic’s victory lap. The company made its S-1 registration statement public on October 26, applied to list on the Nasdaq Global Select Market under the ticker ANT, and hired Goldman Sachs and Morgan Stanley as lead banks. Revenue was soaring, the roadshow was penciled in for the week of November 9, and a $2 trillion valuation was on the table.

Then the market turned. Reuters and the Wall Street Journal reported on November 5 that prospective IPO investors doubt the offering can go ahead at the roughly $1.5 trillion valuation then being discussed, after a two-day AI selloff that knocked the Nasdaq 100 down 6.4% on Thursday. Three major investors planning to buy into the offering told the Journal that $1.5 trillion was too high. One suggested it should come down to around $1 trillion.

Bloomberg reported the same day that some prospective buyers are discussing $1.2 trillion to $1.3 trillion. CNBC, citing an investor, put the more likely target at $1 trillion to $1.25 trillion, with the caveat that it could change with market conditions. Axios separately reported that the target valuation sits about $1 trillion lower than it did a month ago.

Anthropic hasn’t confirmed any of it. The company declined to comment to Bloomberg, and its amended S-1 filing from November 2 still leaves the price range blank. Every figure in circulation right now is a negotiating position, not a price.

The numbers behind the listing

Here’s the awkward part for the skeptics: the business itself is growing fast. The Wall Street Journal reported that Anthropic’s annualized revenue run rate topped $80 billion at the end of October, up from roughly $65 billion at the end of July. That’s about $15 billion of annualized revenue added in three months. An independent tracker, TickerTrends, put the figure slightly higher, at $82.33 billion as of October 30.

The S-1 backs up the growth story. Revenue was $16.3 billion in the first half of 2026, up from $1.16 billion in the same period a year earlier, a fourteen-fold jump. The filing also showed Anthropic’s first operating profit, $974 million in the second quarter of 2026. The Journal reported the company held $146.6 billion in cash as of September 30.

So the argument isn’t really about whether Anthropic is growing. It’s about what that growth is worth when the whole AI trade is wobbling, and when the company’s own filing is full of costs that don’t show up in a revenue chart.

One of those costs surfaced on October 30, when the Financial Times reported that Blackstone, the anchor investor in a $63 billion financing deal for Anthropic’s chips, now expects a “high” junk rating for the company after the IPO, in the double-B range, instead of investment grade. No rating agency has issued one yet. It’s a forecast, not a rating, but it tells you how the people closest to the deal see the risk.

OpenAI just set the comp, and it isn’t flattering

Anthropic isn’t listing in a vacuum. On November 6, Bloomberg reported that OpenAI closed an initial $11 billion tranche of funding at a $1.25 trillion valuation, part of a round that could reach $20 billion. OpenAI had reportedly sought $30 billion at a $1.4 trillion valuation and came up short. The parallel is hard to miss: the two biggest AI labs are both getting repriced downward in the same week, by the same market.

That repricing is the real story of this IPO. A month ago, the question was whether Anthropic could be the first $2 trillion AI listing. Now the question is whether it can get out the door at $1.25 trillion without the deal shrinking or slipping past Thanksgiving. The roadshow, which starts next week, is where that question gets answered in real time. Investors will hear the pitch, look at the $80 billion revenue run rate, look at the selloff, and decide what they’re willing to pay.

If the range holds, the raise of $80 billion to $100 billion would still make it one of the largest stock sales ever. If it slips, Anthropic faces a choice no company wants on the eve of a listing: take the lower price, or wait and hope the market comes back.

Why this matters

For most people, the Anthropic IPO is a spectator sport with one real consequence. A listing this size sets the price of the entire AI industry. Every startup raising money, every chipmaker signing a supply deal, and every pension fund deciding how much AI exposure to hold will be measured against whatever number Anthropic lands on.

A strong debut at the top of the range would say the AI boom still has room to run. A weak one, or a delayed one, would say the market has started asking harder questions about how these companies turn revenue into profit at the scale their valuations demand. Anthropic’s own filing gives both sides ammunition: $16.3 billion in half-year revenue on one page, and compute contracts worth hundreds of billions on another.

The roadshow starts next week. By Thanksgiving, we’ll know which side won.

Frequently asked questions

When is the Anthropic IPO?

Anthropic plans to start its IPO roadshow the week of November 9 and list on the Nasdaq before Thanksgiving on November 26, according to reports. No listing date or price range has been filed yet, so the timetable could still change.

What is Anthropic’s IPO valuation?

Reports put the valuation at $1.25 trillion to $1.75 trillion, down from about $2 trillion discussed in October. Bloomberg cited investors discussing $1.2 trillion to $1.3 trillion, and the Wall Street Journal reported talks had fallen as low as $1 trillion.

How much money will Anthropic raise in its IPO?

The Financial Times reported Anthropic expects to raise $80 billion to $100 billion. At that size it would be one of the largest stock sales in history.

What ticker will Anthropic trade under?

Anthropic plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT, according to its S-1 filing from October 26, 2026.

Sources: Financial Times, Bloomberg, The Wall Street Journal, Reuters, CNBC, The Information, Axios.