U.S. Anthropic rushes IPO ahead of the 26th, lowers listing target

[Financial News] Claims have emerged that U.S.-based Anthropic, poised to become the first AI large language model (LLM) company to go public on the New York stock market, is lowering its listing target. It also plans to complete the IPO quickly, before the U.S. Thanksgiving holiday (November 26).
The U.K.-based Financial Times (FT), citing several people familiar with the matter on the 7th local time, reported that Anthropic plans to complete its IPO before the Thanksgiving holiday this month. The sources said the company plans to raise $80 billion to $100 billion (108 trillion to 136 trillion won) at a target valuation of $1.25 trillion to $1.75 trillion (about 1.7 quadrillion to 2.38 quadrillion won).
Anthropic previously filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on the 26th of last month for a Nasdaq listing. The publicly available filing did not specify the number of shares to be offered or the proposed price range. The Wall Street Journal (WSJ), however, citing people familiar with the matter, reported that Anthropic aims to raise $100 billion through the IPO at a valuation of up to $2 trillion (about 2.72 quadrillion won). The previous record for a listed company’s valuation and funds raised was set by SpaceX, which went public in June at a valuation of about $1.745 trillion and raised $75 billion.
An anonymous major Anthropic investor said, “I think they’ll price it very conservatively, starting at around $1.5 trillion, and then raise the company’s valuation over time.” Another institutional investor put the valuation at around $1.3 trillion. U.S. market research firm Vital Knowledge noted, “The continued sell-off in AI-related stocks is making Anthropic’s IPO even more difficult. That means it will be harder to secure funding for capital expenditures, potentially creating a vicious cycle that leads to further selling.”
AI-related stocks on U.S. markets have been declining since the end of last month amid concerns about excessive investment by AI companies and a lack of cash. Stock prices plunged as the Democrats swept both chambers of Congress in the U.S. midterm elections on the 3rd. On the 5th, the PHLX Semiconductor Sector (SOX), which comprises 30 major semiconductor stocks listed in the United States, fell 12.2%, its steepest drop in six years and seven months. The Nasdaq Composite also posted its biggest decline since April 2025 that day.


Even before the election, Democrats had warned that they would summon AI company executives to hearings to scrutinize the risks of AI and prevent indiscriminate construction of AI data centers.
Investors say Anthropic CEO Dario Amodei is determined to push ahead with the IPO even if the company’s valuation falls. An anonymous early investor said, “This is just one milestone in the overall process,” adding, “Like other forms of fundraising, an IPO should also be viewed as one option.” Willie Lee, a representative of U.S. private equity firm Neostella, told Yahoo Finance on the 8th, “The only thing that matters for the rest of this year is Anthropic’s IPO,” and said investors want to know whether Anthropic can achieve long-term growth and gain market share. Kevin Mann, chief investment officer (CFO) at U.S. asset manager Hennion & Walsh, predicted that investors would take a delay in Anthropic’s IPO as a sign of pessimism about AI. He added, “If the company proceeds with the listing without delaying it but the IPO fails or falls short of expectations, some investors will see that as a negative signal as well.”
Despite the uncertain outlook, Anthropic is expected to continue investing in AI infrastructure for now. According to an amended registration statement the company filed with the SEC on the 2nd, it said that as of September it had committed $895.4 billion (about 1.218 quadrillion won) to purchasing computing resources and entering into lease agreements. In a report on the 8th, the FT said Anthropic had spent $3.4 billion (about 4.6 trillion won) to buy generators to supply power to its data centers. The deal is the largest known single purchase of power-generation equipment by an AI company. Arashi Najad, head of clean energy and power at U.S. investment bank Stifel, noted, “Companies believe that owning some power infrastructure and having their own capabilities can better protect them from disruptions beyond their control.”


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