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Anthropic's planned initial public offering faces growing resistance from major investors over its proposed USD 1.5 trillion valuation. The debate follows a sharp retreat in technology stocks and renewed concern over the cost of artificial intelligence. Some buyers now want a lower entry price, while questions about revenue growth and future financing add to the pressure.
One major investor told The Wall Street Journal that a price closer to USD 1 trillion could draw enough institutional demand. That marks a steep gap from the USD 1.5 trillion level under discussion. Investors have sought larger discounts because Anthropic still reports quarterly losses and carries major financial commitments to technology partners.
Anthropic, which Amazon backs, previously sought a valuation near USD 2 trillion. Reports now put the target at USD 1.5 trillion to USD 1.6 trillion. Technology analyst Dan Ives suggested the range could fall further by mid-November as investors weigh the capital Anthropic needs to raise.
The debate reaches beyond Anthropic's prospective shareholders. Bob Peck of New York Angels sees its IPO price as a benchmark for cloud companies valued between USD 2 trillion and USD 4 trillion. The Financial Times reported that some institutions want Anthropic's final price before deciding whether to invest in OpenAI.
Investors have another unanswered question: can Anthropic show that its revenue growth has regained speed? The company left its October revenue figures blank in its updated S-1 registration filing. Buyers want those numbers before judging whether the current valuation fits its growth prospects.
According to the filing, third-quarter revenue grew 46.7% from the second quarter. That pace came after a 144.2% increase in the prior quarter. Growth has changed direction before, rising to 132% in the first quarter of 2026 from 48% during the final quarter of 2025.
Stronger October results could narrow the gap between Anthropic and prospective buyers. For now, the company has time to assess its options. It held USD 146.6 billion in cash reserves on September 30, giving executives room to delay the listing or reduce the offering's size. Executives and advisers plan to review their options in the coming days.
Anthropic's amended IPO filing disclosed USD 895.4 billion in commitments, largely for computing capacity and data centers. About USD 447.5 billion will come due before the end of 2030. A below-investment-grade rating could raise borrowing costs and restrict interest from funds that cannot hold lower-rated debt.
Ives said a below-investment-grade rating could complicate those obligations. He connected the uncertainty to weakness across chipmakers and cloud suppliers, including Nvidia, Microsoft and Amazon. He warned that the Philadelphia Semiconductor Index could lose another 10% to 12% following its recent decline.
Broader markets have shown similar strain. US stocks shed roughly USD 2 trillion during the first hour of trading on a recent Thursday. Keith Lerner of Truist Advisory Services said technology shares trailed the S&P 500 by 10.7% over one month, the largest gap since May 2002.
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Meanwhile, Ives pointed to Oracle as an example of borrowing risks in the AI buildout. Oracle announced a USD 20 billion fundraising plan on Monday, and its stock fell roughly 1.5% before the market opened. He said companies now face six to nine months to show results, rather than 12 to 18. On Stocktwits, Oracle-related message volume rose more than 2,000%, although retail sentiment remained bullish.
He viewed Microsoft and Alphabet as better placed to finance AI projects while supporting their existing businesses. Retail investors may face their own risks if Anthropic lists at a steep valuation. SpaceX shares fell 20% from their peak within a week of their June debut, despite initial interest.
Anthropic's proposed IPO valuation faces resistance as institutional investors seek lower prices and updated revenue figures. The company's cash reserves give it room to adjust its plans, but its computing commitments and potential borrowing costs remain under scrutiny. The roadshow and October figures will shape the next pricing talks.