Anthropic pushes ahead with pre-Thanksgiving IPO despite tech selloff, accepts lower valuation

Anthropic is proceeding with an IPO before Thanksgiving, aiming to raise $80–100 billion at a $1.25–1.75 trillion valuation, according to investors cited by the Financial Times, below the $2 trillion some optimists hoped for. Annualized reported revenue is now about $81 billion, up from roughly $65 billion at the end of July, as a tech selloff driven by rising borrowing costs, heavy AI spending plans and Democrats' US midterm wins hit the Nasdaq 100, which fell 6.4 percent on Thursday before partly recovering Friday. OpenAI also cut its funding-round target from $1.4 trillion to $1.25 trillion and recently raised only about a third of the $30 billion it originally sought.