When the AI narrative was at its hottest, Anthropic served up the biggest stock-market listing in tech history. According to a Nov. 10 report by The Wall Street Journal, the developer of the Claude model is pushing ahead with an IPO, aiming to list on Nasdaq on Nov. 19 or 20 under the proposed ticker ANT, and is expected to disclose its valuation range and offering price early this week.

The $2 Trillion Fantasy Recedes First

Earlier, the market had driven the valuation to nearly $2 trillion (about RMB 13.36 trillion), and $1.5 trillion (about RMB 10.02 trillion) had become the base-case expectation. But after a sharp selloff in AI stocks last week, some heavyweight institutional investors began to push back and demand a lower price. Some said outright that $1.5 trillion was already "too high," with a more realistic range at $1.1 trillion to $1.3 trillion (about RMB 7.35 trillion to RMB 8.68 trillion); others pushed the anchor down to around $1 trillion (about RMB 6.68 trillion).

A Stress Test for AI Valuations