Ahead of the investor presentation planned for the week of November 9, major investors ready to buy Anthropic shares are demanding a lower valuation. One of them is pointing to a benchmark of about $1 trillion and suggests cutting the raise to roughly $80 billion from $100 billion.
The company filed an S-1 with the SEC on October 26, 2026, and plans to list on Nasdaq under the ticker ANT. The investor presentation had been scheduled for the week of November 9, with pricing set a week later. Potential buyers have raised doubts that the roadshow will start on time. Anthropic has not announced a delay and has not commented on these doubts.
Investors point to quarterly losses and large commitments to partners building AI infrastructure. The main open question concerns October revenue: the company left that figure blank in its updated registration statement. Run-rate data shows revenue topped $80 billion annualized by the end of October, and cash stood at $146.6 billion as of September 30.
The reference point is the latest private round. In May, the company raised a Series H round at a $965 billion valuation. Earlier, valuations of up to $2 trillion were discussed. The market slump has deepened skepticism: on Thursday, November 5, the Nasdaq Composite lost more than 5%.
A valuation near $1 trillion would mean a cut of roughly a third from $1.5 trillion. The precedent matters for the AI market too: if the biggest offering of the year goes ahead at a lower valuation or gets postponed, other tech companies will take that price as a reference.
The issuer sets the price together with the underwriters: underwriters recommend a price, and the issuer makes the final decision. The price range and number of shares are not yet specified in the filing, so the next step is either an investor presentation or a delay, and the company has not yet given a timeline for either.
