Potential Anthropic IPO investors doubt roadshow can start next week

Potential investors are questioning whether Anthropic can begin its IPO roadshow during the week of November 9 and complete a November listing, four people familiar with investor discussions told Reuters. Some investors want a lower valuation than the $1.5 trillion figure recently discussed.

Anthropic may need to offer a larger discount to secure commitments, the people said. Investors are also waiting for its October revenue figure, which was left blank in an updated S-1 filing, after revenue growth slowed in recent months.

The Wall Street Journal reported that three prospective investors expect the offering to be priced lower, with one suggesting a valuation closer to $1 trillion, City AM reported. Some prospective investors are now discussing about $1.2 trillion to $1.3 trillion, compared with the $1.4 trillion to $1.5 trillion range previously communicated, Bloomberg News reported on Friday, according to Investing.com. An Anthropic spokesperson declined to comment.

The talks follow a sharp selloff in technology stocks after the US midterm elections, with the Nasdaq 100 falling 6.4% on Thursday. If pressure on AI stocks continues, Anthropic could delay the offering until markets can absorb a deal some expect to raise $100 billion, the Reuters sources said.