Anthropic's planned IPO — potentially the largest ever — ran into the AI sell-off this week. Reuters reported on November 5, citing four people familiar with investor discussions, that potential investors doubt Anthropic can start its roadshow the week of November 9 and still complete a November listing. The Wall Street Journal separately reported that three major investors planning to take part say the discussed $1.5 trillion valuation is unlikely to hold, with one putting fair value closer to $1 trillion.

The options reportedly on the table are pricing lower, raising less than the anticipated up-to-$100 billion, or postponing the listing until markets steady — executives and advisers are expected to meet within days to decide. Even if a valuation is agreed, Reuters' sources said Anthropic could still choose to delay. Anthropic declined to comment.

Anthropic filed its S-1 on October 26 without a price range and amended it on November 2, showing $33.2 billion in nine-month revenue alongside roughly $895 billion in commitments. Prediction markets have cut the odds of a November listing sharply since the sell-off.

Update, November 7: the timetable reporting is now split. The Diary of AI, citing the Financial Times via The Decoder and The Information, reported on November 7 that Anthropic will go ahead with its roadshow in the week of November 9 and still aims to list before Thanksgiving — directly against the delay talk in the Reuters reporting above. The FT also put Anthropic's annualized revenue at about $81 billion, a press figure rather than a filed one. The two accounts cannot both be right about next week; whether a roadshow actually starts will settle it within days.