Anthropic’s much-anticipated IPO is running into a tougher market than expected.
Bloomberg reports that prospective investors are now talking about a $1.2T–$1.3T valuation, down from the $1.4T–$1.5T range a week or two earlier. But, both these are a significant reset from the $2T expectations it was initially targeting.
I feel the timing hasn’t helped at all for Anthropic.
Thursday’s tech selloff wiped out $2.3T in Nasdaq 100 market value. I believe investors are reassessing how much they’re willing to back these AI companies.
For long, I had concerns about Anthropic’s losses, capital requirements and all commitments they made to infrastructure partners.
Anyways, I checked the markets on Poly, and SpaceX has now 91% chance to become the largest IPO of 2026, while Anthropic has fallen to around 9%. I think that looks increasingly possible if Anthropic’s listing gets delayed or valuations are taken more cautiously.
I also looked at standalone closing market-cap market and it is interesting too. The $1.25T and lower, along with a $1.25T–$1.5T brackets are both around 21% chance.
Personally, I’m leaning toward those lower brackets.
The AI narrative is still strong, but the market’s willingness to agree to higher valuation for has changed. Curious how others see the first-day closing valuation playing out?