Artificial intelligence developer Anthropic is facing investor resistance to its proposed $1.5tn IPO valuation, a dynamic that could delay a planned November listing amid a sharp sell-off in technology stocks, according to Private Equity Wire. The report said Reuters cited people familiar with investor discussions.
Prospective investors have questioned whether the proposed valuation is sustainable and have sought more attractive pricing before committing capital, according to Private Equity Wire.
Roadshow timing and pricing under discussion
Anthropic had been preparing to begin its investor roadshow during the week of 9 November, with pricing expected the following week, according to Private Equity Wire. The report added that discussions over timing and valuation remain ongoing.
The potential delay is occurring amid a sharp sell-off in technology stocks, according to the same report.
Public-market backdrop weighs on valuation conversations
Concerns have intensified following a broad sell-off in AI-related equities, according to Private Equity Wire. The report attributed the sell-off to uncertainty over the profitability of large-scale infrastructure spending and to growing political opposition to data centre development.
Investors are awaiting Anthropic’s October revenue figures to assess its growth trajectory, particularly given the company’s substantial capital requirements and continuing losses, according to the report.
As widely-known context, IPO valuations are typically tested during the investor roadshow and bookbuilding process, when feedback can influence pricing and timetable.
Private-to-public transition draws scrutiny
The potential delay would highlight mounting scrutiny of private market technology valuations as high-profile AI companies transition toward public ownership, according to Private Equity Wire.
Anthropic had previously been associated with valuations as high as $2tn, but the report said a weaker market backdrop could force a repricing of what it described as one of the year’s most anticipated listings.
