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Investors question Anthropic IPO timing, seek lower valuation
Some potential buyers see a discussed $1.5 trillion valuation as too high, while investors await October revenue figures.
Anthropic faces doubts among prospective investors about whether its planned roadshow can proceed in time for a November stock market listing, according to four people with knowledge of the discussions. Investors are seeking a lower valuation before committing to the artificial intelligence company's offering.
Some potential buyers consider the recently discussed $1.5 trillion valuation near the upper end of expectations, the people said. Anthropic declined to comment on the doubts. An earlier media report put the roadshow's expected start in the week beginning November 9, followed by pricing a week later.
The people said Anthropic might have to deepen its valuation discount to attract commitments, citing its quarterly losses and substantial obligations to partners involved in expanding AI infrastructure. Some expect the offering to reach $100 billion.
Two of the people said investors also want to see October revenue, a figure left blank in Anthropic's updated S-1 filing. They are looking for evidence that growth has picked up following a slowdown in recent months.
The valuation debate comes amid the steepest technology stock selloff in a year and geopolitical uncertainty surrounding new listings. Continued weakness in AI-related assets could lead Anthropic to postpone the offering until conditions improve, the people said. Earlier in the year, investors had expected an October IPO at a valuation of up to $2 trillion.