Anthropic is pressing ahead with its initial public offering despite a tech selloff, and it is accepting a lower valuation than some investors had hoped for. According to investors cited by the Financial Times, the Claude developer wants to go public before Thanksgiving. It aims to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion.
That range tops the company's current $965 billion valuation. It falls short of the $2 trillion that the most optimistic investors had hoped for.
The source reports that Anthropic's annualized revenue now sits at about $81 billion, up from roughly $65 billion at the end of July.
The source attributes the recent tech selloff to rising borrowing costs and heavy AI spending plans. It says Democrats winning the US midterms accelerated the selloff because they had promised to slow data center construction, among other measures. The Nasdaq 100 dropped 6.4 percent on Thursday and recovered somewhat on Friday.
OpenAI has also cut its funding-round target from $1.4 trillion to $1.25 trillion. The source says OpenAI recently raised only about a third of the $30 billion it originally sought.