The American artificial intelligence giant Anthropic may be forced to reduce its ambitions for its IPO, planned for mid-November. While the company behind the Claude assistant hoped to reach a valuation of $1.5 trillion, several investors now consider this amount too high. This situation reflects growing questions in financial markets about the profitability of massive investments in artificial intelligence.
One of the most anticipated IPOs of the year could ultimately take place under less favorable conditions than expected. Anthropic, a U.S. company specializing in generative artificial intelligence, is facing increasing caution from some institutional investors. According to information from the Wall Street Journal relayed by AFP and Reuters, several financial players would like the company to accept a valuation lower than the initially planned $1.5 trillion for its market debut.
The company, founded in 2021 by former OpenAI executives, aims to carry out its IPO during the week of November 16. The operation could raise up to $100 billion, an exceptional amount that would surpass previous records in the U.S. market. But this prospect depends on the company’s ability to convince investors of the strength of its business model, while tech stocks are going through a period of significant turbulence.
A valuation that could drop to $1 trillion
According to information published on Thursday, November 5, three major investors considering participating in the operation believe a price revision would be necessary. One of them even mentioned a valuation close to $1 trillion. Such a hypothesis would represent a decrease of about one-third compared to the $1.5 trillion target and half compared to the $2 trillion mentioned a few months earlier.
The possibility of postponing the IPO is also being considered, as well as reducing the amount of capital raised. However, no definitive decision has been announced. Contacted by several media outlets, Anthropic declined to comment on this information. The discussions are notably intended to determine whether current market conditions are favorable enough to carry out a financial operation of this scale.
The decline of tech stocks worries Wall Street
These concerns arise in a context of marked decline in U.S. markets. On Thursday, November 5, the Nasdaq, an index particularly exposed to tech companies, recorded a drop of more than 5%. This correction reflects investors’ worries about growth prospects in the artificial intelligence sector and the considerable expenses incurred to build the infrastructures necessary for its development.
Data centers, semiconductors, and IT equipment now represent investments of several hundred billion dollars. However, markets are beginning to question the time needed to make these expenses profitable. AI-specialized companies must demonstrate that they can turn the rapid increase in their activity into sustainable profits. In this context, Anthropic’s valuation becomes an important test of investor confidence in the entire sector.
Spectacular growth, but colossal expenses
On the commercial front, Anthropic continues to show significant progress. According to financial data released in early November, its revenue reached nearly $17 billion in the third quarter of 2026, compared to about $11.6 billion in the previous quarter. This increase reflects the growing adoption of its AI tools, notably among companies using Claude models to automate certain tasks and develop new services.
But the growth rate is slowing, and financial needs remain considerable. Anthropic notably reported IT spending commitments approaching $900 billion with technology partners. These amounts mainly concern access to computing capacities and infrastructures necessary for training and operating its models. The company also continues to face significant accounting losses, even if part of these is related to the valuation of its financial instruments.
Google, Amazon, and Nvidia directly involved
The evolution of Anthropic’s IPO project goes beyond the interests of its shareholders alone. The company maintains close commercial and financial relationships with several American giants, notably Google, Amazon, and Nvidia. These groups participate in developing the AI ecosystem by providing infrastructures, electronic components, or computing capacities.
A less significant IPO than expected could therefore influence financial expectations regarding the entire industry. Investors are particularly watching AI labs’ ability to finance their growth without indefinitely depending on new capital raises. The Anthropic case could also serve as a reference for other companies in the sector considering joining financial markets in turn.
A major first test for the AI economy
The possible revision of Anthropic’s ambitions does not necessarily mean a setback in the use of artificial intelligence. Companies continue to integrate these technologies into their activities, while computing power needs remain high. However, it could mark a shift in how investors evaluate companies in the sector, placing more importance on margins, infrastructure expenses, and profitability prospects.
The coming weeks will therefore be decisive for Anthropic. The company will have to choose between maintaining its financial ambitions, a more cautious valuation, or a possible delay in its schedule. Beyond its own stock market future, this operation will measure how far investors are willing to support AI growth, at a time when technological promises increasingly need to translate into economic results.
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