Investors Push Anthropic Below a $1.5 Trillion Listing Price as OpenAI Accepts a Lower $1.25 Trillion Mark

Anthropic filed its registration statement on Form S-1 with the Securities and Exchange Commission (SEC) on October 26 for an initial public offering (IPO) of Class A common stock. Two weeks later, the price is still open. A Russian-language channel that tracks the AI industry reported on November 8 that potential investors consider a $1.5 trillion valuation too high and want a discount. It also reported that the planned November roadshow and listing are at risk. Reports that cite Bloomberg put the discussion at $1.2 trillion to $1.3 trillion, and some reports put it as low as $1.1 trillion. As of November 5, no amendment with a price range had appeared on the SEC's filing system.

The filing itself gives buyers numbers they can test. The S-1 income statement shows first-half 2026 revenue of $16.29 billion, against $1.16 billion in the same period of 2025. The operating loss was $693 million. The net loss was $80.7 billion, but $72.4 billion of that came from a change in the fair value of convertible notes, derivative liabilities and simple agreements for future equity (SAFEs). That charge is a non-cash remeasurement. The last private mark, reported at $965 billion in May, is the baseline that early holders now use for comparison.

The most important comparison came on November 6. Bloomberg and Reuters reported that OpenAI closed an initial $11 billion tranche at a $1.25 trillion valuation, below the $1.4 trillion to $1.5 trillion figures outlets had cited earlier. Reuters named SoftBank and the Abu Dhabi-backed MGX as participants. OpenAI has not confirmed the round. A private round that settles at $1.25 trillion makes it harder for Anthropic's bankers to defend a public price above that level.

Anthropic has also changed its governance before the listing. On October 18 it committed 5% of its shares to a new Public Benefit Fund. The commitment is subject to stockholder approval, and the fund is structured as a wholly owned limited liability company rather than a charity. Anthropic has not said who will choose the recipients. Public buyers will price that dilution into the offer.