Anthropic's $1.5 trillion IPO hits investor skepticism after selloff

The math on Anthropic's IPO is suddenly getting shaky. Major investors are now “increasingly skeptical” that the AI giant can go public at its expected $1.5 trillion valuation following today's market drop, according to the Wall Street Journal, as relayed by @KobeissiLetter on X. At least one major investor says the number needs to come down to $1 trillion for the deal to work.

That's a sharp turn. Just months ago, markets were expecting a closing market cap north of $2 trillion. Now the hoped-for $1.5 trillion is under fire — and one big backer wants a full trillion. The gap between what Anthropic wants and what investors will pay is the story of the day.

Timing is the other live wire. Anthropic has been planning to hold its IPO before Thanksgiving, according to the report. Whether today's crash derails that schedule is, so far, unclear.

The skepticism doesn't mean the listing is dead — it means the price tag is in play. Any move from $1.5 trillion toward $1 trillion would reshape the size and optics of one of the year's most anticipated debuts. For now, investors are the ones setting the terms, and they're not in a generous mood.