Anthropic is preparing a high-stakes IPO that could raise $80 billion to $100 billion, with reports placing its target valuation between $1.25 trillion and $1.75 trillion and a hoped-for listing before the U.S. Thanksgiving holiday.

That target has reportedly fallen from about $2 trillion to roughly $1.5 trillion, as investors question whether Anthropic can justify such a valuation amid a sell-off in AI-related stocks and may demand a more attractive offering price; the terms and size remain undecided.

The market backdrop is rough: AI-related shares have fallen over concerns about heavy spending and weak cash generation, while the Philadelphia Semiconductor Index dropped 12.2% on November 5, its steepest decline in six years and seven months.

The Nasdaq also suffered its worst daily decline since April 2025 on Thursday, with chip stocks leading the slide as investors reassessed the costs and prospects of the AI data-center build-out.

Anthropic’s amended SEC filing disclosed $895.4 billion in aggregate commitments, largely for computing resources and infrastructure leases, while reporting $33.2 billion in revenue for the first nine months of the year, up 1,206%.

The filing also reported a $104 billion net loss, including a $94 billion accounting adjustment tied to financing agreements, underscoring investors’ questions about whether rapid revenue growth can translate into lasting profitability.

Anthropic has warned that some computing partners rely on debt and external financing to build data centers and buy chips, creating the risk of delayed capacity or higher costs if they cannot secure funding.

The company says demand for computing capacity already exceeds supply, and committing to infrastructure well before it is needed could leave it short of capacity or stuck with costly underused facilities.

Expansion also faces local resistance over data centers’ demands for electricity, water, land and other resources, as communities worry about environmental damage, strained power systems and higher utility bills.

Anthropic says it is voluntarily taking steps such as paying for grid upgrades and securing new power generation to limit impacts on communities, though those measures could raise operating costs.

In its prospectus, Anthropic warned that organized opposition to data-center projects is spreading and that the scrutiny accompanying a public listing could make access to infrastructure a hurdle to its growth plans.

Political pressure is adding to the uncertainty: Democratic candidates who campaigned partly on limits to data-center construction won important races in Texas and Georgia, though the results do not automatically stop projects and relocating them could add time and expense.