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Summary of article:
Amid the decline in technology stocks and growing regulatory uncertainty, Anthropic’s IPO valuation expectations have fallen sharply from a maximum of US$2 trillion, and the market is now reevaluating its appropriate listing price.
artificial intelligence (Aye ) new startupsanthropic Inc.’s initial public offering (IPO) plans faced a selloff following the US midterm elections, causing potential investors to reevaluate the company’s appropriate listing price. According to people familiar with the matter, the valuation range currently discussed in the market has fallen to US$1.2 trillion to US$1.3 trillion, which is significantly lower than the previously estimated market value.
Bloomberg News reported that some investors who previously participated in Anthropic’s IPO bid had told banks that they had adjusted the company’s fair valuation to $1.4 trillion to $1.5 trillion. However, innasdaq After the index dropped 6.4% on the 5th and the market value dropped by US$2.3 trillion (a record high in a single day), the prices of technology stocks were re-examined, so their valuations may still be revised downwards. At the beginning of October alone, the market even expected Anthropic to be valued at up to $2 trillion.
In addition to stock market fluctuations, the regulatory risks facing the AI industry have also attracted attention. After the Democratic Party gained control of both houses of Congress, the market began to evaluate whether the government will accelerate its review of the pace of data center expansion and its impact on the economy, energy and environment. These uncertainties have deepened investor skepticism about the cloud chatbot parent company’s IPO. In addition, the Chicago Board Options Exchange Volatility Index (VIX), known as the fear index, reached its highest level since April 5 on the 2025th, which also affected the market acceptance of IPOs.
The market has differing views on Anthropic’s fair valuation. Campeau, chief investment officer of BNP Paribas Wealth Management in Germany, believes that the valuation of the AI industry has experienced a wave of decline. Anthropic’s valuation needs to reach at least the lower end of the rumored target range of US$1.5 trillion to US$2 trillion, and could also be 10% to 15% below this range.
Al Faro, chief investment officer of hedge fund Gallo Partners, said before the US stock market fell on the 5th that Anthropic’s valuation should be set between $1.3 trillion and $1.4 trillion if it hopes to establish a solid investor membership base. Rainville, technology portfolio manager at Sycamore Asset Management, believes that if the company is listed at a valuation of US$1.2 trillion, it should not be difficult to attract investors to participate.
However, Kettner, head of multi-asset strategy at HSBC, said US$1 trillion may be a more comfortable valuation level, which would help reduce violent fluctuations after the listing. He also pointed out that IPOs do not need to deliberately pursue the topicality of the world’s first multi-trillion-dollar listing. Share price performance and market stability after listing are more important.
Summary FAQ
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People familiar with the matter said the valuation range currently being discussed for Anthropic’s IPO has dropped to US$1.2 trillion to US$1.3 trillion; Some investors had previously estimated US$1.4 trillion to US$1.5 trillion, but after a sharp decline in technology stocks, the valuation may still be revised downwards.
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Investors have become more cautious about IPO potential and post-listing volatility risks, mainly due to a sharp retracement in US technology stocks, with the Nasdaq falling 6.4% in a day and the VIX reaching its highest level since April 2025.
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Many market participants believe a valuation of US$1 trillion to US$1.4 trillion will help attract subscription and reduce post-listing volatility; They emphasize that the focus of the IPO is not on the topic of breaking one trillion US dollars, but on stock price performance and market stability.
