Anthropic, PBC still intends to complete its US initial public offering before the Thanksgiving holiday on November 26th, 2026, despite the tech-stock selloff. The Financial Times, citing more than half a dozen investors, reported on November 6th and 7th, 2026 that the company is seeking $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion.
That is a lower ask than the company was discussing a month ago. In early October 2026, Bloomberg reported Anthropic was aiming at a valuation of up to $2 trillion and a mid-November listing. No price has been made public: the S-1 and its amendment still leave the price range, the share count and the amount raised blank.
What happened
Anthropic filed its Form S-1 with the SEC on October 26th, 2026. It said it plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT, with the price, the number of shares and the company valuation all to be set after the roadshow.
The filing showed revenue of $16.3 billion for the first half of 2026 and a net loss of $80.7 billion for the six months to June 30th, 2026. It also disclosed planned compute spending of $115 billion with Google and $45 billion with Microsoft through 2033, and cited revenue growth of 1,368% year over year for a three-month period.
What the loss actually is
The $80.7 billion figure is not cash out the door. Analysis of the S-1 by LeverageShares attributes about $72.4 billion of it to a non-cash charge tied to the rising value of convertible instruments as Anthropic's own valuation climbed. The operating loss for the period was $693 million, and The Motley Fool reported that Anthropic was profitable on an adjusted operating basis.
That distinction matters for how the headline number travels. Written flat, it reads as a company burning tens of billions in half a year. The filing describes something different: a large accounting charge created, in effect, by the company's own rising private mark.
Why the valuation is sliding
The Wall Street Journal reported on Thursday, November 5th, 2026 that three major investors who had planned to take part believe the expected $1.5 trillion valuation will have to come down, with one putting it closer to $1 trillion. The Journal's report followed a post-midterms selloff that sent the Nasdaq 100 down 6.3% in a day.
Bloomberg News reported on Friday, November 6th, 2026, citing a person familiar with the matter, that some prospective investors are now discussing a valuation of about $1.2 trillion to $1.3 trillion. Reuters, citing four people familiar with investor discussions, reported doubts that the roadshow can begin the following week as planned, or that the listing can still take place in November at all. Anthropic has declined to comment on the valuation reports.
The reporting does not establish a single cause for the shift in investor talk beyond the selloff, and the company has not confirmed any number. For now, ANT is a ticker reserved in a filing rather than a traded security.
What our record shows
Our insider record has nothing on Anthropic. There are no Form 4 filings to read, because there is no public stock and no reporting officers or directors subject to those rules yet. Any insider data on this company begins after pricing, not before.
On the people involved, the S-1 lists co-founder and chief executive Dario Amodei and president Daniela Amodei. Sam Altman is chief executive of rival OpenAI and is not a party to this deal. He told Fortune in September 2026 that an OpenAI IPO now would be ill-advised, in comments reported by CNBC on September 12th, 2026.
What to watch
Three things settle this. Whether the roadshow actually starts, whether a price range appears in an amended filing, and whether the final valuation lands nearer the Financial Times range or the roughly $1 trillion one investor floated to the Journal.
For context on the drop, Anthropic's last private valuation was about $965 billion post-money in a $65 billion Series H round in May 2026. The $1.25 trillion to $1.75 trillion range sits above that. A print near $1 trillion would not.
Reporting in this story comes from the Financial Times, The Wall Street Journal, Bloomberg, Reuters, CNBC, NBC News and Fortune, with figures from Anthropic's Form S-1 on SEC EDGAR, as of November 9th, 2026.
Informational only, not investment advice.