Potential Anthropic investors are pushing for a valuation below the US$ 1.5 trillion discussed for its initial public offering and are questioning whether the company can keep the timeline planned for November. The information was revealed by Reuters on Thursday (5), based on four people familiar with the negotiations, amid a sharp decline in technology stocks in the United States.
The developer of the Claude chatbot planned to begin its roadshow, a period of presentations to institutional investors, in the week of November 9, with the share price to be set the following week. Some of the potential buyers, however, consider the valuation high and demand more favorable conditions before committing to the offering.
The US$ 1.5 trillion figure already represents a significant reduction from the US$ 2 trillion previously considered by investors. Now, the deterioration of market conditions threatens to put even more pressure on the expected price.
Anthropic has not announced any postponement and declined to comment to Reuters on investors' concerns. The possibility of changing the schedule remains under discussion, with no confirmed decision.
Growth slows amid US$ 895 billion in commitments
One of the main points of concern is the financial results the company presented to the Securities and Exchange Commission (SEC), the U.S. market regulator.
Anthropic recorded US$ 16.96 billion in revenue in the third quarter of 2026, growth of approximately 47% compared with the previous quarter. Although significant, the advance represents a slowdown compared with the 144% expansion recorded in the second quarter.
The result also showed an operating loss of US$ 567 million, despite adjusted operating income of approximately US$ 2.46 billion.
In the prospectus updated on November 2, the company still had not disclosed its October revenue. According to Reuters, potential investors are awaiting this metric to assess whether the pace of growth has accelerated again after the recent slowdown.
The need for financing has also gained relevance. Documents submitted to the SEC show that Anthropic has taken on approximately US$ 895.4 billion in future spending commitments, almost entirely related to computing capacity and artificial intelligence infrastructure.
Of that total, about US$ 69.8 billion are scheduled for the 12 months following September 2026. The company also reported having US$ 146.6 billion in liquidity on that date, including cash, short-term investments and available credit.
Investor demands come during a broader correction in artificial intelligence-linked assets. On Thursday (5), infrastructure companies such as CoreWeave, Nebius and IREN were among those most affected by the selloff, after significant losses in the previous weeks.
The pressure increases the importance of Anthropic's offering for the technology market. A listing at a valuation below expectations would provide a new benchmark for the price investors are willing to pay for fast-growing AI companies with high capital needs.
For now, the November schedule remains the reference. The decision will depend on negotiations with potential buyers and market conditions in the coming weeks.
