The new valuation range
Anthropic intends to proceed with the listing despite the sharp correction in the technology sector and is accepting a valuation below expectations. According to investors cited by the Financial Times and reported by The Decoder, the company that develops Claude wants to go public before Thanksgiving, raising between $80 billion and $100 billion at a valuation of between $1.25 trillion and $1.75 trillion.
The figure nonetheless represents a step forward from the current valuation of $965 billion, but it remains far from the $2 trillion that the most optimistic investors had hoped for. The comparison between the two numbers clarifies the substance of the transaction: not a withdrawal, but a downward recalibration of expectations, made necessary by the market environment.
The reported revenue picture is improving: on an annualized basis, the company now stands at around $81 billion, compared with about $65 billion at the end of July. These are reported annualized revenue figures, meaning a projection rather than a full-year actual.
The context: selloff and political factors
The storm in the technology sector hit this week. The Decoder links it to rising financing costs and heavy spending plans for artificial intelligence. According to the outlet, the effect of the Democrats' victory in the U.S. midterm elections was added to this, after they had promised to slow data center construction and other measures.
The impact was visible in the market: the Nasdaq 100 fell 6.4 percent on Thursday, partially recovering on Friday. Anthropic's decision should therefore be read as a choice to continue the listing path at an unfavorable price moment, not as a postponement.
The comparison with OpenAI and the open questions
The scaling back does not concern Anthropic alone. OpenAI has lowered its fundraising target from $1.4 trillion to $1.25 trillion and recently obtained only about one-third of the $30 billion initially sought. The overlap between the two cases suggests common pressure on AI operators, although the material does not make it possible to determine whether the two dynamics have identical causes.
Several elements remain to be verified. The valuation range and the amount to be raised come from unnamed investors cited by the Financial Times, and therefore not from official confirmation by the company. No exact date for the listing is given beyond the reference to the period before Thanksgiving, nor are details known about timing, the structure of the offering, or any further revisions in the event of continued volatility. The link between the election outcome and the market correction is also presented as the source's reconstruction, not as a verified connection.
