Last week's sharp selloff in U.S. tech stocks has led major investors planning to participate in Anthropic's IPO to reach a new consensus on the AI giant's listing valuation, with a clear lean toward a lower figure. People familiar with the matter said that over the past few days, institutional investors have indicated to Anthropic—the developer behind Claude—and its advisers that the IPO valuation later this month should be set at around $1.5 trillion to $1.6 trillion, far below the nearly $2 trillion level that had been rumored in the market in recent months.