Anthropic IPO valuation could drop to $1 trillion after the Nasdaq rout

Anthropic may have to cut the valuation for its IPO to about $1 trillion or delay the listing after Thursday’s tech selloff. Three major investors planning to buy into the offering told The Wall Street Journal that the company is unlikely to reach the $1.5 trillion they had expected, and one put the figure closer to $1 trillion, PYMNTS reported.

Nasdaq’s worst day since April 2025

The Nasdaq Composite fell 5.52% on Thursday to 24,315, according to Fox Business closing data, and Reuters estimated that the drop erased $2.5 trillion in market value. The index had its worst day since the April 2025 tariff selloff and closed more than 10% below its 6 October record, in correction territory.

Investors fear that the new Democratic majority in Congress will slow the construction of AI data centers. In Texas the governor-elect, Gina Hinojosa, promised a moratorium on new sites, and Wells Fargo estimates that the state holds about 27% of US data center capacity. We covered the first hours of the selloff in our report on chip stocks.

What changes for the Anthropic IPO

Anthropic filed its IPO paperwork on 26 October under the ticker ANT, as we reported. On 2 November it added an amendment that still left out the offering size and valuation.

Investors had pushed the price down before the crash. Earlier talks centred on about $2 trillion, and on 2 November the Journal reported that institutional investors wanted $1.5 trillion to $1.6 trillion. Anthropic targeted the listing for the week before Thanksgiving, with a roadshow starting next week.

Reuters, citing four people familiar with the investor talks, reported that investors doubt Anthropic can start the roadshow next week and list in November. Even if the company and investors agree on a price, Anthropic could wait until the market calms. Its executives and advisers have not committed to a plan and will meet within days, the Journal said.

Anthropic has its own exposure to data centers. Its filing lists about $895 billion in purchase commitments and leases, most of them for computing power, and nearly $450 billion of that falls due before the end of 2030.

Crypto follows tech

Bitcoin traded at $75,522 on Friday morning, down 6.3% in 24 hours, and ether fell 8.2% to $2,225, by CoinGecko data. Crypto has moved in step with tech stocks since Thursday’s open.

What it means for you

If you planned to buy Anthropic shares at the listing, expect a lower price range or a later date than the November target. When Anthropic files its next price range, you will see how much of the selloff the company accepts.

Based on reports by The Wall Street Journal and Reuters of 5 November 2026, as cited by PYMNTS. Anthropic has not commented. Crypto prices from CoinGecko on 6 November. This is not investment advice.