By Priya Raman

Anthropic's $1.5 trillion (£1.1 trillion) stock market listing could be delayed or repriced at a steep discount, after a Wall Street sell-off wiped roughly $2.5 trillion off US tech stocks and left investors questioning the price tag on one of the world's most valuable AI firms.

The Nasdaq plunged around six per cent on Thursday, as investors fled AI-related shares in the wake of the US midterm elections. The timing is brutal. Anthropic, the ChatGPT rival, was expected to begin pitching its shares to institutional investors within days, with pricing anticipated later this month.

How big a haircut?

Three major investors considering participating in the IPO believe the proposed $1.5 trillion valuation will need to come down, according to the Wall Street Journal. One suggested a figure closer to $1 trillion. That's a potential $500bn reduction.

Lawrence Mills, analyst at Trade Nation, told City AM the number now looks hard to defend. "The road show is due to kick off next week but the $1.5 trillion valuation seems toppy and maybe needs to be adjusted lower to attract potential investors," he said. "Market reaction today could be key. A rebound in the tech sector may alleviate worries a little, but the seed of worry has been planted, that's for sure."

What's driving the scepticism?

Anthropic was valued at $965bn in May, and expectations had been that the debut could push the figure to $1.5 trillion. The company, founded in 2021 by former OpenAI researchers including Dario Amodei, has become one of the biggest beneficiaries of the AI investment boom, attracting billions from backers including Amazon and Google.

But the fundamentals are under scrutiny. Anthropic reported revenue of more than $33bn in the first nine months of 2026, yet growth slowed between the second and third quarters while enormous spending commitments continued to weigh on its finances. Its IPO prospectus disclosed more than $800bn in computing and infrastructure commitments stretching into the next two decades. Investors are also awaiting October revenue figures, which were left blank in an updated regulatory filing, to gauge whether growth has reaccelerated.

Nalin Patel, director of EMEA private capital research at Pitchbook, laid out the two paths: "A postponement would protect against near-term valuation risks and would be more likely if the correction sustains over a longer period," he said. "A valuation haircut, which would not be ideal for existing investors, could generate greater demand from new investors if the IPO must proceed by a certain time."

Charlie Dai, vice president and principal analyst, told City AM the debut now hinges on market conditions. "Anthropic's IPO increasingly looks like a question of timing and valuation," he said. "Rapid revenue growth and enormous future compute requirements strengthen the case for public capital, while slowing sequential growth, losses, and infrastructure commitments increase investor scrutiny." The sell-off, he added, could push Anthropic to accept a lower valuation or postpone the listing without fundamentally weakening the case for going public.

Does politics change the picture?

The turmoil follows sweeping Democratic gains in Tuesday's midterms, which have intensified concerns about political opposition to the rapid expansion of AI data centres. Several states have seen resistance to energy-hungry facilities over electricity prices, water consumption and strain on local infrastructure. That adds to worries about the hundreds of billions committed to AI infrastructure, particularly by companies funding construction with debt.

Malik Ahmed Khan, senior equity analyst at Morningstar, said the results had raised uncertainty around data centre development, particularly in Texas, where opposition has emerged across party lines. "Near term, we do see heightened uncertainty around the AI data center buildout," he said. Still, he sees a possible upside: "Paradoxically, Anthropic, with its focus on building AI for humanity and its famous spat with the DoW, may actually benefit from increased AI regulation from Democrats."

The sell-off has also hammered AI infrastructure companies including Coreweave, Nebius and Iren, whose shares have suffered steep losses as investors reassess the sector's spending spree.