Anthropic may cut IPO valuation target to $1 trillion after tech sell-off

Anthropic may need to lower its IPO valuation target of $1.5 trillion after a tech sell-off worried investors, the Wall Street Journal reported Thursday. The AI company plans its debut the week of November 16, potentially raising up to $100 billion. Three major investors told the Journal the valuation could drop to near $1 trillion, with postponement or a smaller offering also possible. The listing comes amid growing investor nervousness about massive AI spending, and Anthropic has close ties to Google, Amazon, and Nvidia. The Nasdaq composite lost $2.5 trillion in market value Thursday as investors pulled back from AI bets. Rival OpenAI has delayed its stock market plans until next year, and Anthropic's IPO was expected to surpass SpaceX's record $86 billion raise in June.