On November 7, 2026, Anthropic decided to push ahead with its listing despite a selloff in tech stocks. Citing investors familiar with the matter, the Financial Times reported that the developer of Claude plans to go public before Thanksgiving (November 26), raising $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion. Annualized revenue has climbed to about $81 billion, up from roughly $65 billion at the end of July.
How much did the valuation give way?
The concession is substantial. Just days ago, investors balked at a $1.5 trillion valuation; Anthropic has now pushed the bottom of the range down to $1.25 trillion, and the $2 trillion the most optimistic investors had hoped for is off the table. Measured against the company's current private valuation of about $965 billion, though, the top of the range still carries a premium. Its peers are in a similar spot: OpenAI recently cut its fundraising target from $1.4 trillion to $1.25 trillion and ended up with about $11 billion, roughly a third of the $30 billion it originally sought.
Why rush to list right now?
The timing is unfriendly. Tech stocks sold off this week as rising borrowing costs and heavy AI spending plans rattled the market, and Democrats' midterm wins added fuel: the party had promised to slow data center construction. The Nasdaq 100 fell 6.4% on Thursday before recovering somewhat on Friday. By pressing ahead now, Anthropic is effectively using its revenue growth to vouch for the valuation — annualized revenue is up about 25% in a little over three months, which is why it can give ground on price but not on timing.
What to watch after the listing?
Two things matter next: the financial detail in the prospectus, and whether revenue growth can support a pricing above $1.25 trillion; and the first day of trading, and whether it replays this week's tech volatility. The valuation range is only a starting point — the final pricing and the listing date can still move. For ordinary users, the listing itself changes nothing about Claude, but a leading AI company entering the public market at a trillion-dollar valuation puts the industry's spending race under a much brighter spotlight.
