Major investors are sceptical that Anthropic can list at $1.5tn, the Wall Street Journal reports. The doubt follows a number that has been falling for weeks.

Valuation talk first ran at $1.8tn to $2tn. On Oct. 15 some investors were dialling back expectations after a market selloff. Bankers on the deal now see fair value at $1.4tn to $1.5tn, with some investors seeing as much as $1.75tn. The Journal's report fits that drift rather than breaking from it. Anthropic's last private valuation was $965bn, set in a $65bn round in May 2026.

The results explain the caution. Third-quarter revenue rose about twelvefold to about $17bn, but operating expenses rose 292% to $17.5bn, leaving an operating loss of $567m. The net loss was $23.3bn, against $12.1bn a year earlier. Anthropic has disclosed $895bn of spending commitments, about $448bn of it due by the end of 2030, with a further $100bn added since Sept. 30. The growth is real. So are the losses and commitments that a buyer at $1.5tn is being asked to underwrite.

Credit adds to the doubt. Blackstone told investors Anthropic may not get an investment-grade rating and is expected to receive a high junk rating.

The roadshow is expected the week of Nov. 9. Anthropic is targeting the IPO, an offering of up to $100bn, for the week of Nov. 16.

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