Anthropic’s preliminary IPO filing leaves its price and share count open as investors weigh lower valuations, while reports from Bloomberg News and Reuters point to uncertainty around the planned November listing.
Anthropic, PBC’s amended filing with the U.S. Securities and Exchange Commission, submitted Nov. 2, leaves the proposed price range and share count blank, including how many shares the company or existing shareholders may sell. It says Anthropic applied to list its Class A shares on the Nasdaq Global Select Market under “ANT.” The company also said it would receive no proceeds from shares sold by existing shareholders.
The filing reported revenue of $33.2 billion for the nine months ended Sept. 30, 2026, up from $2.5 billion in the same period in 2025. Operating loss was $1.3 billion, compared with $5.2 billion a year earlier.
One prospective investor was considering a $1.1 trillion valuation, while other prospective buyers were discussing $1.2 trillion to $1.3 trillion, Bloomberg News reported Friday. The outlet said investors had earlier discussed $1.4 trillion to $1.5 trillion as fair value with bankers, citing people familiar with the discussions. These are reported investor views; Anthropic’s filing does not state a valuation.
Pricing was expected the week after a roadshow planned for the week of Nov. 9, Reuters reported Thursday. Four people familiar with investor discussions questioned whether the November listing schedule would hold, the outlet said. Anthropic declined to comment to Reuters. The report said investor concerns included the company’s capital needs, quarterly losses and commitments to AI infrastructure partners.
Rick Meckler, a partner at Cherry Lane Investments, told Reuters, “Valuations have risen for a long time in the private market, and we’ll probably see some pullback.”
Bloomberg said formal IPO marketing was expected next week, although the filing sets no date. Earlier EconoTimes coverage of Anthropic IPO valuation discussions described reports of discussions at $1.5 trillion and $1.8 trillion to $2 trillion.
