Anthropic targets $1trillion valuation in stock market float having seen value halve in AI turmoil

Updated: 07:56 EST, 10 November 2026 Anthropic is targeting a valuation of up to $1trillion in its stock market debut – almost half the figure previously mooted – following last week's dramatic selloff in AI stocks.In an updated filing this afternoon, the developer of the Claude chatbot said it aimed to raise up to $64.4billion in its initial public offering (IPO) by selling 825million shares at a price range of $70 and $78 per share.The IPO is expected imminently after the California-based firm previously guided to a listing after the US midterm elections. But waiting for that political storm to pass has seen its valuation almost halve, after initial reports suggested Anthropic could raise as much as $100billion at a valuation of around $2trillion.The Democrats' victory in the midterms triggered a rout in technology stocks, prompting concern that policymakers could halt AI infrastructure developments amid opposition to data centres.The steep decline in global stock markets last week was led by the tech-laden Nasdaq and larger company S&P 500 indices, adding to long-established concerns over the billions spent by technology firms and whether a bubble is forming. Borrowing binge: Investors are concerned over the amount of debt used to fund AI spendAnthropic's IPO is still on track to be one of Wall Street's biggest listings but falls short of the record set by SpaceX's market debut this summer, which valued Elon Musk's rocket firm at $1.78trillion.Anthropic's growth has so far defied concerns thanks to surging demand for its products. The company's revenues for the nine months to the end of September were $33.24billion, an increase of some 1,200 per cent over the same period last year.Its annualised revenue run rate, a sales projection watched by analysts, hit $81billion in October, from $10billion the previous month.But its previous filing revealed a quarter of its revenue came from two unnamed customers, fuelling further fears over the circular nature of AI spending. This means suppliers and chipmakers invest money in AI developers, who then use the cash to buy products and services from those same companies.Still, appetite is expected to be healthy when it floats on New York's Nasdaq exchange, with around 20 per cent of the shares on offer allocated to private investors outside of the US, including the UK.There are already concerns that demand for Anthropic stock may be so strong that British investors face a repeat of the summer's $1.3trillion sale of shares in SpaceX, receiving fewer shares than they had applied for.Anthropic was founded in 2021 by former OpenAI researchers, including siblings Dario and Daniela Amodei.Its early focus on training its models for coding helped to propel the company to become one of the leading global AI firms, but chief executive Dario Amodei has called for the sector to slow the pace of development.In its IPO prospectus, Anthropic dedicated almost a quarter of its 400-page prospectus to laying out the risk factors.It warned that advanced AI systems posed 'catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponised, or allowed to operate with a high degree of autonomy'.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you