Following the tech sector sell-off on Wall Street this week, some investors have lowered their expectations for Anthropic.
Until recently, the artificial intelligence company was eyeing a $2 trillion valuation in its IPO, but stakeholders told CNBC that even $1.5 trillion was now uncertain, with one investor calling the figure “stretchable.”
Anthropic declined to comment.
This shift in sentiment comes alongside growing concerns about outsized spending by AI companies and a sharp market downturn at the midpoint. The Nasdaq fell more than 5% on Thursday, its biggest decline in 19 months, reflecting fears that Democrats’ new power in Washington, D.C., and nationwide rejection of AI could lead to a slowdown in data center construction.
The bearish trend towards AI trading was on the rise before the election. The Nasdaq had its worst October since March 2025, driven by the decline of chipmakers and neoclouds.
Anthropic is about to be listed on the Nasdaqunder the ticker ANT, and is gearing up for an expected debut in a few weeks. Last month, Anthropic was reportedly seeking a valuation of up to $2 trillion. In May, the company was valued at $965 billion.
Given the latest market turmoil, one investor said a valuation target of between $1 trillion and $1.25 trillion was more likely, although that could change depending on market conditions. The investors asked not to be named because they are not authorized to speak on the matter.
Gil Luria, an analyst at DA Davidson, told CNBC that “investors will expect the IPO price to be at least at the low end of previous expectations.”
“The market really needs this IPO to go well and the bankers involved in the deal surely understand that,” Luria said. “The best way to set Anthropic up for success is to price the deal right.”
The company is expected to launch its roadshow next week.
WATCH: Some Anthropic investors now skeptical of $1.5 trillion valuation
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