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Anthropic reportedly pushes ahead with pre-Thanksgiving IPO at lower valuation despite tech selloff

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Anthropic reportedly pushes ahead with pre-Thanksgiving IPO at lower valuation despite tech selloff

Anthropic is pressing ahead with its IPO despite a sharp tech selloff, and is willing to accept a lower valuation than the most optimistic investors had wanted. According to investors cited by the Financial Times, the Claude developer wants to go public before Thanksgiving and raise $80 to $100 billion at a valuation of $1.25 to $1.75 trillion.

That range tops Anthropic's current valuation of $965 billion, but it falls short of the $2 trillion that the most optimistic investors had hoped for. The company's annualized reported revenue now sits at about $81 billion, up from roughly $65 billion at the end of July.

The Decoder, which summarises the FT report, describes the market backdrop in its own voice. Rising borrowing costs and heavy AI spending plans triggered a tech selloff this week. Democrats winning the US midterms accelerated it, 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.

The piece also notes that OpenAI has cut its funding-round target from $1.4 trillion to $1.25 trillion, and that it recently raised only about a third of the $30 billion it originally sought.

The IPO plan is attributed to unnamed investors via the FT. No exact date or exchange is given, only "before Thanksgiving".

Key facts

  • Investors cited by the Financial Times say Anthropic wants to go public before Thanksgiving and raise $80 to $100 billion.
  • The target valuation is $1.25 to $1.75 trillion: above the current $965 billion, below the $2 trillion the most optimistic investors had hoped for.
  • Annualized reported revenue is about $81 billion, up from roughly $65 billion at the end of July.
  • A tech selloff this week, which the source ties to rising borrowing costs, heavy AI spending plans and the US midterm result, sent the Nasdaq 100 down 6.4 percent on Thursday before a partial recovery on Friday.
  • OpenAI cut its funding-round target from $1.4 trillion to $1.25 trillion and recently raised only about a third of the $30 billion it originally sought.

Why it matters

An Anthropic listing at the reported size would be a very large public offering, and the plan is going ahead in a week when the Nasdaq 100 fell 6.4 percent in a day. The reported range of $1.25 to $1.75 trillion would be a step up from the current $965 billion, yet below the $2 trillion hoped for by the most optimistic investors. The source frames this as Anthropic accepting a lower valuation rather than waiting out the market. Revenue growth from roughly $65 billion at the end of July to about $81 billion annualized is the one operating figure the piece offers alongside the deal.

Who it affects

Investors weighing a possible Anthropic offering are the most direct audience, since the range and the raise size come from investors cited by the FT. The piece also sets the story beside OpenAI, which cut its funding-round target from $1.4 trillion to $1.25 trillion and has raised about a third of the $30 billion it originally sought. The wider tech market is part of the picture too, given the selloff and the Nasdaq 100 drop.

How to use it

This is market news rather than a product or tool, so there is nothing to adopt. Readers following AI company financing can track whether the reported range, the $80 to $100 billion raise and the "before Thanksgiving" timing are confirmed, and compare Anthropic's path with OpenAI's reduced funding-round target.

How solid is it

Treat the IPO figures as reported, not official. They come from investors cited by the Financial Times, and The Decoder passes them on. The FT report is attributed to unnamed investors; no Anthropic statement is quoted. No exact IPO date or exchange is given, only "before Thanksgiving". The revenue figure is described as annualized and reported. The explanation of the selloff is The Decoder's own account, not a claim attributed to the FT investors.

Risks and caveats

The plan depends on market conditions that are shifting: the Nasdaq 100 dropped 6.4 percent on Thursday and recovered only somewhat on Friday. How much it recovered is not stated. The valuation range is a target, not a completed pricing, and it sits well under the $2 trillion some investors hoped for. The source does not say what the $1.4 trillion and $1.25 trillion OpenAI figures measure beyond "funding-round target", so comparisons between the two companies should be made with care.