Anthropic’s IPO valuation expectations reportedly slide to $1.5 trillion

Anthropic’s blockbuster IPO just got a little less blockbuster. Investors now reportedly expect the Claude maker to list at a valuation of around $1.5 trillion, down from earlier talk of $2 trillion. From $2 trillion to $1.5 trillion, maybe less Anthropic is positioning for a Nasdaq listing anticipated in November 2026, after the US midterm elections. Goldman Sachs and Morgan Stanley are among the underwriters. Early conversations with bankers and investors floated a figure of approximately $2 trillion. That number would potentially have topped SpaceX’s upcoming listing, which is estimated at $1.77 trillion in June 2026. Recent reports suggest that ambition has cooled. Investor expectations now sit at around $1.5 trillion, and the research indicates a figure at or below that level is likely. Anthropic’s last private valuation was $965 billion, set after its Series H round in May 2026. Even the reduced target would mark a substantial step up from that mark. What the numbers actually show A leaked prospectus offers a rare look under the hood. In 2025, Anthropic reportedly generated about $4.6 billion in revenue, a 12-fold jump. The same document shows an operating loss of $8.06 billi...