Anthropic’s Roadshow Slips Into Doubt

Investors want a lower number before committing, and the timing itself is now questioned.

Anthropic had been expected to begin its IPO roadshow in the week of 9 November 2026, but Reuters, citing four people, reported that the offering could struggle, with some investors questioning whether the roadshow starts on schedule. Valuation discussions have moved down to $1.2 trillion to $1.3 trillion from the $1.5 trillion previously floated, and one investor suggested a figure nearer $1 trillion. Third-quarter revenue reached $16.96 billion, up 47% on the prior quarter, but the company swung to a $567 million operating loss. It held $146.6 billion in cash at 30 September.