Anthropic IPO targets November as AI listings face delays

Anthropic is planning to proceed with an initial public offering in mid-November, despite a wave of delays among AI infrastructure and data centre companies, Economic Times Markets reported on October 22, citing people familiar with the matter. Its prospectus could become public as early as late October, with marketing to prospective investors expected to begin during the week of November 9.

The timetable remains subject to change. The report described a potential $1.5 trillion valuation that Anthropic is believed to consider appropriate for the business—not an agreed offer valuation or a price established by investors. Anthropic did not immediately respond to a request for comment.

A high-profile offering in a weaker market

The planned listing would test whether investor appetite for a leading AI developer can withstand a less favourable financing environment. Rising interest rates have contributed to sharp declines in the shares and bonds of AI operators such as CoreWeave, alongside questions about how long the industry's spending boom can continue.

According to the report, many large investors remain optimistic about Anthropic, seeing it as a rare route into a technology business with long-term significance. Two people familiar with the situation also said other prospective issuers were wary of competing with Anthropic for institutional investors' capital and attention.

That interest sits alongside unresolved sector concerns, including competition from open-source AI models and AI safety. The report does not establish how those risks will affect the final price or size of Anthropic's offering.

Infrastructure issuers push back their plans

Data centre operator Switch and AI infrastructure provider Nscale have moved their IPO plans to later in the year, people familiar with the matter said, while cautioning that their schedules remain fluid. One person said Nscale's delay was partly linked to addressing comments from US Securities and Exchange Commission staff.

SoftBank-backed SB Energy has also postponed its listing. South Korean AI chip startup Elice was among the latest companies to shelve its plans, while Blackstone-backed AirTrunk REIT and Nvidia-backed Firmus have withdrawn or paused offerings. Switch, Nscale and SB Energy did not immediately respond to requests for comment.

These setbacks follow IPO delays and withdrawals since September as volatility and higher interest rates make attractive valuations harder to secure. For infrastructure businesses, scrutiny centres on the substantial cost of building data centres and whether future demand will support that investment. The report also noted that some market participants do not expect an AI spending downturn.

Oura offering raises questions about institutional demand

Oura's recent IPO has become another point of caution. A person familiar with the offering said it drew limited participation from long-only investors, raising questions about demand from institutions that can provide newly listed businesses with a relatively stable shareholder base.

The filing process is already under way for some delayed issuers: Nscale publicly submitted its IPO registration statement in September, while Switch filed confidentially. A confidential submission lets a company address regulatory questions before making its financial and business disclosures public; publication typically precedes the investor roadshow.