Anthropic 'declines' extension, to launch IPO roadshow this week, valued at $1.2 trillion to $1.3 trillion

November 9 — Frontier AI lab Anthropic will launch its initial public offering (IPO) roadshow this week, with potential buyers currently discussing a valuation range of $1.2 trillion to $1.3 trillion, while some investors are even considering a valuation as low as $1.1 trillion.

Earlier market expectations had once reached as high as $2 trillion, and before Thursday's U.S. stock market plunge, the reasonable expectation was also around $1.4 trillion to $1.5 trillion. Affected by factors such as the Democratic Party's sweep of Congress and external expectations that the government will tighten scrutiny of data center expansion, valuation expectations have been significantly lowered, but Anthropic has not chosen to postpone and is still advancing the IPO process as planned.

At the same time, Anthropic is accelerating its layout in energy infrastructure. In late September, the company obtained a purchase commitment for 1.7 gigawatts of heavy-duty gas generators from Texas supplier OnePWR Solutions for $3.4 billion, covering the engineering and construction capabilities required for installation, in order to ensure power supply for data centers. Anthropic initially planned to act only as a customer, but later directly took over the equipment OnePWR had previously ordered from Caterpillar.

Against the backdrop of valuation pressure and rising regulatory expectations, Anthropic's choice to launch the roadshow as originally planned shows its firm stance on the timing of the IPO. If the market is only willing to give a lower valuation, Anthropic will also choose to accept it, as delaying the IPO would come at a cost both in terms of actual capital and reputation.