Anthropic investors consider lowering IPO valuation to $1.5 trillion as AI spending concerns grow

Investors are trimming their targets for the Claude maker's planned Nasdaq debut as revenue growth cools and compute commitments pile up Anthropic ’s blockbuster IPO just got a little less blockbuster. Investors now reportedly expect the Claude maker to list at a valuation of around $1.5 trillion, down from earlier talk of $2 trillion. Anthropic is positioning for a Nasdaq listing anticipated in November 2026, after the US midterm elections. Goldman Sachs and Morgan Stanley are among the underwriters. Early conversations with bankers and investors floated a figure of approximately $2 trillion. That number would potentially have topped SpaceX’s upcoming listing, which is estimated at $1.77 trillion in June 2026. Recent reports suggest that ambition has cooled.

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