Anthropic reportedly moves ahead with IPO as valuation range nears

Anthropic is moving ahead with its listing plans, with a valuation range expected to be set this week and trading potentially beginning on the Thursday or Friday of next week, TechCrunch reported on November 9, citing The Wall Street Journal.

The report frames the timing against a difficult backdrop: the move comes shortly after one of Nasdaq's biggest sell-offs, at a moment when sentiment around the AI boom is swinging. Anthropic is proceeding anyway.

Valuation is the part everyone is watching. Some institutional investors are pushing for a figure below the $1.5 trillion target discussed as recently as last week, according to the report, and that target was itself well below the $2 trillion floated a few months earlier.

For comparison, the report notes that rival OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion in fresh capital, short of the $20 billion it had initially sought.

Those numbers say more than any single valuation: capital is still flowing to the leading labs, but the bargaining has changed. Investors are no longer accepting doubling valuations by default, and want them anchored to revenue, compute spending and commercial progress.

That is why the pricing matters beyond Anthropic. A public listing gives an answer private markets cannot: once enormous compute bills are accounted for, what will investors actually pay for a frontier model company?

One caveat on all of this. The details come from people cited by the Journal rather than from Anthropic, which has not publicly confirmed a valuation range or a listing date, and both could still move.

Three things to watch next: the revenue and loss structure disclosed in the eventual filing, the underwriting lineup, and whether a strong first day pulls other AI companies toward the public markets sooner.