Potential investors reportedly doubt Anthropic can start its initial public offering (IPO) roadshow in time for a November listing. Four people familiar with the talks told Reuters investors want a more attractive price before committing.
The roadshow, a series of investor meetings before pricing, had been expected the week of November 9. A delay could squeeze a stock market heavily weighted toward big tech.
What Do Anthropic IPO Investors Want Before the Roadshow?
Price is the first sticking point, as some investors reportedly view the discussed $1.5 trillion valuation as high. One investor suggested pricing could land closer to $1 trillion, the Wall Street Journal reported.
Anthropic may also need a bigger discount given its quarterly losses and large partner commitments, according to Reuters.
The second is a number investors have not seen. Anthropic’s updated S-1, the IPO registration statement, left October revenue blank.
Investors reportedly want that figure to judge whether growth has recovered. Third-quarter revenue rose 46.7% from Q2, slowing from 144.2% a quarter earlier, according to the amended filing.
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What Happens If Anthropic Waits?
If those answers come late, Anthropic can afford to hold off. Its $146.6 billion in cash on September 30 leaves room to delay or shrink the deal. Executives and advisers reportedly plan to review the IPO in the coming days.
The review follows a Thursday in which US stocks lost about $2 trillion in the first trading hour.
Truist Advisory Services chief investment officer Keith Lerner said tech trailed the S&P 500 by 10.7% in a month. He called it the most extreme one-month gap since May 2002.
“We are now seeing something of a buyers’ strike in tech,” he said.
Who Else Is Waiting on Anthropic’s Price?
The answer reaches beyond Anthropic’s shareholders. New York Angels’ Bob Peck sees its price as a yardstick for $2 trillion to $4 trillion cloud giants.
Some investors also want Anthropic’s price before backing OpenAI, the Financial Times reported.
Retail buyers could be exposed too. Some analysts expect strong retail demand, as with SpaceX, Reuters reported. However, SpaceX shed 20% from its peak within a week of its June debut.
Before any of those buyers commit, Anthropic still has to supply the October figure. Growth has rebounded before, reaching 132% in Q1 2026 from 48% in Q4 2025, according to the S-1.
A similar rebound may narrow the price gap. Without one, the roadshow becomes a test of pricing a frontier AI lab during a tech selloff.
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