EXCLUSIVE: AI backlash could threaten Anthropic IPO timing, potential investors say

NEW YORK/SAN FRANCISCO, Nov 5 (Reuters) - Potential investors in Anthropic's highly anticipated IPO are raising doubts about whether the artificial intelligence start-up ⁠can proceed with its planned roadshow next week in time for a November listing, people familiar with investor discussions said.

Investors are pushing for a more attractive valuation to commit to the offering, with some viewing the recently discussed $1.5 trillion valuation as being at the high end of expectations, the people said.

The discussions reflect in part the impact of the sharpest technology selloff in a ⁠year and geopolitical uncertainty clouding the outlook for new offerings.

Anthropic declined to comment.

The roadshow was initially expected to kick off the week of November 9, Reuters previously reported, with pricing expected the following week.

Anthropic ⁠may need to offer a bigger discount to secure investor commitments, particularly as investors recognize the company's need to raise capital, the people ⁠said, given a record of quarterly losses and the large commitments it has made to partners in the AI buildout.

Reporting ⁠by Echo Wang and Milana Vinn in New York, Krystal Hu in San Francisco; additional reporting by Caroline Valetkevitch and Chuck Mikolajczak; Editing by Colin Barr and Jonathan Spicer

• Suggested Topics:

Echo Wang

Thomson Reuters

Echo Wang runs coverage of corporate dealmaking across the U.S. for Reuters, leading a team that breaks market-moving news on the biggest deals in corporate America. Her own reporting spans M&A, IPOs and enterprise investigations, and was the first to report exclusives on some of the largest initial public offerings on record, including 2026's SpaceX and Anthropic, as well as major transactions such as SpaceX's acquisition of xAI. She has also led Reuters's coverage of deals involving TikTok and Grindr, and investigations into the financing behind Truth Social. Echo began her career as a travel writer for Lonely Planet and has worked on NPR's The Indicator podcast, Frankfurter Allgemeine Zeitung, and Le Monde. She joined Reuters in 2019 as an Overseas Press Club Foundation Fellow after completing her master's degree at Columbia Journalism School.

Krystal Hu

Thomson Reuters

Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump's SPAC and Elon Musk's Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company's retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master's degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.

Milana Vinn

Thomson Reuters

Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism.