Prospective buyers of Anthropic’s IPO shares see its valuation as low as $1.1 trillion, according to a Bloomberg report dated November 6, 2026, whose headline drew 286 points and 573 comments on Hacker News. TechCrunch’s account says Bloomberg reported that Anthropic’s potential valuation fell from about $2 trillion in early October to $1.2 trillion to $1.3 trillion. According to a secondary summary of the reports, Anthropic declined to comment on the valuation discussions.

The reported valuation figures

  • Bloomberg’s headline says buyers see a valuation “as low as $1.1T.” Bloomberg’s story was blocked to Lens, which did not read it.
  • TechCrunch, citing Bloomberg: a fall from about $2 trillion in early October to $1.2 trillion to $1.3 trillion.
  • The secondary site epyhia, summarizing Bloomberg via Investing.com, says prospective investors are discussing $1.2 trillion to $1.3 trillion, down from $1.4 trillion to $1.5 trillion communicated to bankers days earlier. It attributes to the Wall Street Journal a report that three major prospective investors said the offering would need to be priced lower, with one suggesting a valuation closer to $1 trillion.
  • TechCrunch says Anthropic is reportedly expected to receive a high “junk” rating from credit agencies, and gives no specific IPO date.

Timing, from a secondary source

Epyhia, citing Reuters via Investing.com, says the roadshow was expected to start the week of November 9, with pricing the following week, and that four people familiar with investor discussions said investors are doubting that timeline. It says the shares would trade on Nasdaq under the ticker ANT and that investors are awaiting Anthropic’s October revenue figure, which the updated S-1 left blank. Lens has not confirmed these details with Reuters.

What Ramp’s data shows

TechCrunch reports on Ramp data showing AI spending flattening over late summer even as token volumes rose. Token spend grew 1.5% across August and September after growing 42% in July from the prior month, and it rose 8.9% from September 23 to October 23. The top 1% of firms, described as “AI-pilled,” dipped slightly in August and September to just below roughly $10,000 per employee per month. Median firms spend $12 to $15 per employee per month, and the top 10% spend $600 to $1,000. TechCrunch notes that OpenAI halved API prices for GPT-6 Sol and GPT-6 Luna in September and that Anthropic made significant price cuts for Fable 5.1 and Opus 5.5, which a recent Anthropic filing said reduced revenue growth by about $600 million. Ramp lead economist Ara Kharazian said the slowdown stems from competitive pricing and cost controls rather than weaker demand and called the market a buyer’s market. Notion co-founder Akshay Kothari posted internal data matching Ramp’s findings, summarizing it as “tokens go brrr. costs go ahhh.”

Related Lens coverage

The reports came after the November 5 Nasdaq selloff covered in Lens’s post on the selloff. Lens’s earlier coverage of the filing itself is in a post on its reported revenue, losses and valuation.

Sources and notes

This post is based on TechCrunch’s articles by Rebecca Bellan (Ramp data, 7:54 a.m. PST, November 6, 2026) and Lucas Ropek (OpenAI, 2:53 p.m. PST), the Hacker News submission of Bloomberg’s report, and the secondary site epyhia.com (November 6). Lens could not open Bloomberg, the Wall Street Journal or Reuters, so figures attributed to them are as relayed by these sources and may differ from the originals. Valuation talks are fluid and the IPO has not priced.

Image: a Wall Street street sign in New York, by Alex Proimos via Wikimedia Commons, licensed under CC BY 2.0; cropped. Stand-in photo; it is not related to Anthropic and does not show the events described.