A sweeping Democratic victory in the midterm elections has intensified market worries about a slowdown in AI infrastructure buildout. Some Anthropic investors now expect the company's listing valuation to come in below $1.5 trillion — and potentially fall to $1 trillion — after Anthropic had targeted a $2 trillion valuation when it confidentially filed with the SEC. Anthropic declined to comment and is expected to kick off its roadshow next week.