Anthropic's planned initial public offering is facing investor resistance over its reported $1.5 trillion valuation, according to a Reuters report cited by The Decoder. Potential backers doubt the planned roadshow can begin next week as scheduled.
The company was reportedly eyeing a valuation of up to $2 trillion as recently as September. Some investors now think even $1.5 trillion is too high. One investor reportedly floated a valuation of $1 trillion.
According to the report, investors want a steeper discount because Anthropic is still losing money and spending heavily to scale its AI infrastructure. They are also waiting on October revenue figures, which the updated S-1 filing does not include.
The report says ballot initiatives targeting data center expansion passed in several states during the midterm elections. The source links these measures to the sharpest tech selloff in a year. The Wall Street Journal reportedly says IPO investors are skeptical.
The source says the offering could be delayed if AI stocks stay under pressure. Some estimates put the offering at up to $100 billion in size.