Anthropic Still Plans IPO Before Thanksgiving at a Lower Valuation

Anthropic, the US AI startup, still plans to go public before Thanksgiving. It hopes to raise $80 billion to $100 billion, targeting a valuation of $1.25 trillion to $1.75 trillion. That is lower than what investors expected just a month ago.

US tech stocks have been shaky lately. The Nasdaq 100 fell 6.4% in a single day, wiping out $3.2 trillion in market value. Investors worry about rising borrowing costs and growing AI spending. OpenAI has also cut its private fundraising valuation to $1.25 trillion and shrunk its target to $20 billion.

Anthropic CEO Dario Amodei has accepted a lower valuation and isn't chasing the biggest IPO ever. The company's seven co-founders have pledged 80% of their personal shares to charity.