Anthropic’s IPO, from the company behind Claude, is arriving at a tough moment. According to Bloomberg, after the November 5 tech rout potential buyers are discussing a valuation of $1.2 trillion to $1.3 trillion, with some floating $1.1 trillion. In early October, figures close to $2 trillion were being discussed.
What’s official
- A filing without a price: Anthropic filed an amended S-1 on November 2, but the price range is still blank. There’s no official valuation.
- The numbers: according to that filing, third-quarter revenue was about $17 billion, up from about $1.4 billion a year earlier.
- Last private round: in May 2026, Anthropic was valued at $965 billion.
What’s being reported (unconfirmed)
- From $2 trillion to $1.2–1.3 trillion: after Anthropic briefed investors on its finances, the range communicated to banks was $1.4 trillion to $1.5 trillion. Thursday’s rout pushed it lower.
- Timing: it could go public before Thanksgiving, which falls on November 26 this year. Bloomberg says formal marketing of the offering starts this week.
- Nothing final: no decisions have been made, and Anthropic declined to comment.
Why it matters
It would be the first time one of the big labs that builds frontier AI models goes public, and its price will become the benchmark for the whole sector, OpenAI included. It also comes right after the day the Nasdaq 100 lost $2.3 trillion, so the market is looking hard at what AI is really worth.
My take
For full transparency: I use Anthropic’s Claude as a work tool for minchu.tech, so I’m sticking to the published numbers here. And those numbers say Anthropic is growing incredibly fast, but the market won’t pay any price for AI anymore. $1.2 trillion is still a huge figure and well above its last private round. For everyday users nothing changes in the short term; where it could show is in how much the company invests in new products like the recent Personal Finance in Claude.
Does a trillion-dollar-plus valuation for an AI company make sense to you? Let me know in the comments or on social media.
Sources: Bloomberg (valuation under pressure), Forbes (valuation path and S-1/A revenue), MLQ.ai (timing and S-1). As of November 9, 2026.
