Investors have lowered their valuation expectations for Anthropic ahead of its planned Nasdaq debut. The company is now expected to list at a valuation of around $1.5 trillion, down from initial projections of $2 trillion. The IPO is anticipated to take place in November 2026, following the US midterm elections, with Goldman Sachs and Morgan Stanley serving as underwriters.
The company's previous private valuation reached $965 billion after a Series H funding round in May 2026. Financial data from 2025 shows revenue of $4.6 billion, alongside an operating loss of $8.06 billion and a net loss of approximately $42 billion. In Q3 2026, revenue reached $16.8 billion, representing a 45% increase from the previous quarter.
A primary concern for investors is the company's long-term infrastructure obligations, which total $518 billion in cloud and compute commitments. Market participants are monitoring whether future revenue growth can sustain these fixed costs. The upcoming listing of SpaceX, estimated at $1.77 trillion for June 2026, is seen as a benchmark for how public markets will value large private firms.
