November 6 — People familiar with the matter said that after a sharp stock market sell-off triggered by the unwinding of AI-related investments, large investors are increasingly doubtful that Anthropic can complete an IPO at its expected $1.5 trillion valuation. Anthropic had originally planned to list in the week of November 16, hoping to raise up to $100 billion at a valuation of about $1.5 trillion. However, three large investors intending to participate in the IPO said the valuation may need to be lowered, with one putting it closer to $1 trillion. Another investor said that even if the market rebounds, it will be quite challenging to persuade institutional investors — who were just burned in the recent sell-off — to once again take on significant risk in the AI sector, and questioned whether Anthropic will postpone the offering; another option is to raise less than expected. People familiar with the matter said Anthropic executives and advisers expect to meet in the coming days to discuss the IPO plan, and some said the entire process has avoided committing to specific arrangements in order to preserve options.