Anthropic IPO valuation expectations drop as investors call $1.5 trillion a stretch

Investors are lowering expectations for Anthropic's upcoming IPO, with some now doubting it can achieve a $1.5 trillion valuation, calling that figure a "stretch" amid a souring AI trade on Wall Street. The company had recently sought a $2 trillion valuation, but a sharp market selloff—including a 5% Nasdaq drop on Thursday, its steepest in 19 months—has fueled concerns over AI spending and a potential slowdown in data center buildouts. One investor suggested $1 trillion to $1.25 trillion as a more likely target. Anthropic, set to list on the Nasdaq under ticker ANT, was privately valued at $965 billion in May. Its roadshow is expected to begin next week, with analysts noting the IPO's success depends on pricing it well.