Bloomberg: Anthropic IPO buyers eye as low as $1.1 trillion

Prospective buyers in Anthropic’s IPO are now discussing a valuation as low as $1.1 trillion after a sharp selloff in tech stocks, Bloomberg reported on November 6. Earlier estimates ran as high as $2 trillion. None of these numbers is a price, though. They are what investors are saying before formal marketing starts, and the last valuation anyone actually paid is still the $965 billion post-money of Anthropic’s $65 billion Series H, which closed in late May.

Moneycontrol, which carries the Bloomberg story, puts the range under discussion at $1.2 trillion to $1.3 trillion and links the selloff to a post-election drop in tech stocks. That makes $1.1 trillion the floor of the talk, not its middle.

Even at the low end, the public listing would value Anthropic at only about $135 billion more than its May private round. The higher range would put it roughly $235 billion to $335 billion above that round, still well short of the earlier $2 trillion expectations.

The middle ground has already slipped once. In October, three Reuters sources named around $1.5 trillion as the lower figure investors were weighing, against roughly $2 trillion expected for a November listing, and Reuters also reported that 45% quarterly revenue growth disappointed some of them. Since then, The Wall Street Journal has reported major investors doubting the IPO could reach even $1.5 trillion. Today’s figures sit below that.

Formal marketing, the stage where a price range gets set, has not started yet.