As Anthropic prepares for its Initial Public Offering (IPO), market skepticism is causing its valuation to be adjusted downward from an initial goal of $2 trillion to the $1 trillion range.
Imagine you are standing in line to buy tickets for a concert by a popular singer you have been eyeing. Initially, there were rumors that ticket prices would skyrocket to 2 million won. However, as the performance date approaches and the surrounding atmosphere settles, people have started revising their expectations, saying, “Well, wouldn’t 1 million won be reasonable?” The current market sentiment surrounding Anthropic’s Initial Public Offering (IPO) is exactly like this.
Anthropic is one of the most notable companies in the AI industry today. However, ahead of its IPO (issuing shares publicly to outside investors to go public), news is circulating that the market atmosphere is not what it used to be. The expectation that its corporate value would reach $2 trillion is now being adjusted down to the $1 trillion level. What exactly has changed the market’s mind?
Why does this matter?
Anthropic’s listing is more than just a company debuting on the stock market. It is a kind of ‘report card’ that will determine whether the massive amount of investment flowing into current AI technology can actually prove its practical value.
Investors have moved away from the vague expectation that “AI will change the world” and have started asking the realistic question, “So, how much can this company actually earn?” Therefore, the outcome of this IPO will be an important metric that determines the scale and direction of capital flowing throughout the AI industry. Source: Anthropic’s IPO Reaction Is Worse Than You Think - YouTube
In simple terms: The ‘expensive tuition’ of AI companies
Developing and operating AI models is like launching a massive rocket. Just as enormous fuel is required to send a rocket into space, Anthropic is spending astronomical computing costs to research and operate its AI.
Metaphorically, it is like forcing a toddler who has just taken their first steps to undergo high-intensity training equivalent to that of an Olympic athlete. While the technology is growing dazzlingly fast, the operating costs (operating losses) that must be borne are equally massive. In fact, Anthropic recorded an operating loss of $693 million in the first half of 2026 alone. Source: Anthropic IPO filing reveals rapid growth as investors weigh an 80 billion loss
Investors, while acknowledging Anthropic’s rapid revenue growth, are carefully weighing when these massive losses and cost structures will convert into stable profits. Source: We Finally Got Anthropic’s S-1. There’s One Huge Problem. - YouTube
Where do things stand?
Anthropic submitted its S-1, the official registration document for listing, last October. Source: Anthropic IPO filing reveals rapid growth as investors weigh an 80 billion loss Initially, the market expected the company to be valued between $1.5 trillion and $2 trillion when entering the Nasdaq. Source: Anthropic’s $1.5 Trillion IPO Valuation Is Facing Pushback
| However, investor sentiment has withered due to the deepening sell-off in the broader tech market recently. [Source: Is Anthropic About To Delay The Biggest IPO… | ZeroHedge](https://www.zerohedge.com/ai/anthropic-about-delay-biggest-ipo-ever) Many potential investors are now discussing a valuation in the $1.2 trillion to $1.3 trillion range, and some are raising the possibility of it dropping to the $1 trillion level. Source: Anthropic IPO buyers see valuation down as low as 1.2 trillion |
Interestingly, despite this, Anthropic is being evaluated at a relatively higher value than its competitor, OpenAI. While Anthropic has filed to go public with a valuation of approximately $965 billion, OpenAI is being valued at around $852 billion. The fact that this evaluation has emerged even though Anthropic focuses on B2B services, compared to OpenAI’s overwhelming number of individual users, is evidence that the market holds Anthropic’s technical potential in such high regard. Source: Anyone who can’t see that the OpenAI and Anthropic IPOs are…
What can we expect?
Anthropic is aiming for a full listing in November 2026. Source: Anthropic’s $1.5 Trillion IPO Valuation Is Facing Pushback Goldman Sachs and Morgan Stanley are underwriting the listing and leading this massive market debut. Source: Anyone who can’t see that the OpenAI and Anthropic IPOs are…
| Investors are now closely watching the October revenue figures that the company will release. If this indicator is strong enough to persuade investors, there remains room for the market’s conservative valuation to rise again. Source: Anthropic’s $1.5 Trillion IPO Valuation Is Facing Pushback Conversely, if the broader market downturn persists, the possibility that the IPO schedule itself could be adjusted cannot be ruled out. [Source: Is Anthropic About To Delay The Biggest IPO… | ZeroHedge](https://www.zerohedge.com/ai/anthropic-about-delay-biggest-ipo-ever) |
MindTickleBytes AI Reporter’s Perspective
The AI industry is currently walking a precarious tightrope between the ‘rosy future of technology’ and the ‘cold reality of profit.’ Anthropic’s IPO will be a very interesting and sober case study showing where the capital we invest in AI is heading and what it expects.
References
- We Finally Got Anthropic’s S-1. There’s One Huge Problem. - YouTube
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[OpenAI IPO Guide: $852B Valuation, Delay to 2027 VNC Mac](https://vncmac.com/en/blog/2026-openai-funding-ipo-852b-delay-2027.html) - Anthropic IPO filing reveals rapid growth as investors weigh an 80 billion loss
- Anyone who can’t see that the OpenAI and Anthropic IPOs are…
- Will fears of AI crush Anthropic’s IPO valuation prospects?
- Anthropic Stock: Why Massive IPO Sparks Fears of… - Business Insider
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[Is Anthropic About To Delay The Biggest IPO… ZeroHedge](https://www.zerohedge.com/ai/anthropic-about-delay-biggest-ipo-ever) - Anthropic’s IPO Reaction Is Worse Than You Think - YouTube
- Anthropic IPO buyers see valuation down as low as 1.2 trillion
- Anthropic’s IPO valuation could plunge to near $1 trillion
- Anthropic’s $1.5 Trillion IPO Valuation Is Facing Pushback
- Some Anthropic Investors Now See a $1.5 Trillion IPO, Not $2
- An excessively small revenue scale
- A broad sell-off in the tech market
- A lack of technical prowess in its AI models
- $693 million
- $1 trillion
- $852 million
- Google and Amazon
- Goldman Sachs and Morgan Stanley
- Tesla and Microsoft