Anthropic IPO to Raise Up to $100 Billion at Reduced $1.75T Valuation

Valuation Cut Ahead of Thanksgiving Listing

Anthropic is still aiming to complete its initial public offering before the US Thanksgiving holiday later this month, even as it prepares to accept a valuation below what early backers had hoped for. According to the Financial Times, which cited several investors involved in the process, the AI company plans to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion. One large investor expects a conservative listing price near $1.5 trillion, leaving room for shares to drift higher once trading starts, while other participants put the likely outcome closer to $1.3 trillion. That is a clear step down from the $2 trillion some optimistic investors floated a month ago, though it still sits far above the roughly $965 billion valuation from Anthropic's most recent private round.

The pricing pressure is already visible in COINOTAG data on the pre-IPO Anthropic instrument: the last price is $1,369.67, down 5.37% over the past 24 hours, within a $1,308 to $1,448 range. COINOTAG's composite scoring puts the strongest support at $1,307.86, rated 70/100, with the nearest resistance at $1,398.22, also scored 70/100, and a heavier ceiling at $1,646.86, rated 80/100. The daily trend reads as a downtrend, with the 14-day RSI at 21.2 and a bearish MACD signal, so the valuation question hanging over the offering shows up in the tape as well. Perpetual funding sits at 0.0025% and open interest at $88.9 million. A close above the $1,398.22 pivot would be the first sign of stabilization.

Roadshow Set for the Week of November 16

According to The Information, which cited people familiar with the schedule, Anthropic plans to begin its IPO roadshow next week, presenting the business and listing plan to institutional investors ahead of a listing targeted for the week of November 16, local time. Before the recent turbulence, the market expected a debut at roughly $1.5 trillion and a raise of more than $80 billion, but two consecutive weeks of technology-sector volatility and investor concern over AI capital spending could push the company to accept a lower number. The roadshow itself becomes the test: it will show directly what premium institutions will pay for growth that depends on enormous long-term compute commitments.

The backdrop is shifting in ways the roadshow will have to address. Microsoft is winding down an AI compute lease with Oracle after phasing out the relevant servers in recent months and deciding not to renew the 2023-era arrangement; the hardware runs older-generation NVIDIA GPUs that no longer meet Microsoft's requirements, and the contract size was not disclosed. Oracle said demand for its AI infrastructure, including older GPUs, remains strong. The episode shortens the expected commercial life of rented compute, a data point investors weighing Anthropic's roughly $900 billion infrastructure plan will notice. One offsetting factor: investors expect the listing to attract passive demand, since index funds and large asset managers currently hold no Anthropic shares and would have to buy once the stock enters major indices. For scale, the largest IPO on record remains SpaceX, which listed in June at a $1.78 trillion valuation, a mark chief executive Dario Amodei is not particularly focused on; his stated priority is securing enough capital to fund the buildout, with JPMorgan scheduled to brief potential investors on November 13.