Peers Withdraw IPO Plans Collectively, Anthropic Ventures Solo into Mid-November Window: $1.5 Trillion Valuation Faces Major Liquidity Test
Due to the impact of macro interest rates and the postponement or withdrawal of IPOs by peer companies, the wave of tech listings in the U.S. stock market this fall has nearly disappeared. Anthropic has become the only AI giant to stick to its scheduled listing, planning to release its public prospectus by the end of October, directly facing strict tests of institutional subscription and market liquidity with a potential valuation as high as $1.5 trillion.
The previously bustling autumn tech IPO calendar has now been almost completely cleared, with only Anthropic left holding the fort. Despite AI infrastructure companies being hit by rising interest rates, valuation pressure, and the postponement or withdrawal of listings by peers, this AI lab is still pushing ahead with its planned IPO, targeting a potential valuation of up to $1.5 trillion, directly facing the current liquidity challenges in the market.
According to Reuters, citing sources familiar with the matter, Anthropic plans to publicly file its prospectus as early as the end of October and complete its IPO by mid-November, with the institutional investor roadshow expected to launch during the week of November 9. The sources also cautioned that the above plans and timelines remain subject to change.
Meanwhile, several other companies in the AI infrastructure and data center sectors have postponed their listings. Reports suggest that data center operator Switch, Nscale, SoftBank-backed SB Energy, Blackstone-backed AirTrunk REIT, and Nvidia-backed Firmus, have either postponed, paused, or withdrawn their IPO plans. Recently, Oura's weak IPO performance, with minimal participation from long-term institutional investors, has further intensified concerns about the true depth of demand for new market listings.
Peers Withdraw, Anthropic Pushes Forward
The previously robust autumn tech IPO calendar has now been almost entirely wiped out. According to Reuters, both data center operator Switch and AI infrastructure provider Nscale have postponed their IPOs to later this year. Sources indicate that Nscale's delay is partly due to having to respond to comments from the U.S. Securities and Exchange Commission (SEC) staff. SoftBank-backed SB Energy had earlier also announced a delayed listing.
Blackstone-backed AirTrunk REIT and Nvidia-backed Firmus have taken a step further, withdrawing or suspending their respective IPO plans. Since September, increased market volatility and persistently higher interest rates have made it significantly harder for companies to secure ideal valuations.
Nscale publicly filed its IPO registration in September, while Switch chose to file confidentially. Confidential filings allow companies to complete the review process with regulators before disclosing financial and business details to the public.
Rising Rates and Doubts Over AI Spending Pressure Valuations
The tide of IPO withdrawals is driven by the dual pressure of rising interest rates and doubts about the returns on AI infrastructure investment.
Higher interest rates have triggered a sell-off of AI operator stocks and bonds, with CoreWeave shares under significant pressure, providing a negative reference point for potential issuers. At the same time, market skepticism about whether the large-scale data center construction by tech companies can yield adequate returns has been mounting. Whether AI compute expenditure has already outpaced actual demand has become a key question for institutional investors evaluating any AI-related IPO.
Nonetheless, many large investors remain optimistic about Anthropic, seeing it as a rare opportunity to gain exposure to core AI assets, and believe that this sector cannot be ignored by long-term investors.
Strong Revenue Growth, But Heavy Losses and Large Committed Expenditures
According to a draft S-1 prospectus reviewed by The Wall Street Journal, Anthropic’s revenue for the first half of 2026 reached $16.3 billion, far surpassing the $1.1 billion from the same period last year. However, net losses during the same period also ballooned from about $1.3 billion to $8.07 billion.
The draft prospectus indicates that about $7.2 billion of the $8.07 billion loss arose from changes in accounting valuations of convertible notes and other financing instruments, not equivalent cash outflows. However, even excluding these non-cash items, operational pressures remain significant: in the first half of 2026, the company’s spending on compute and infrastructure reached nearly $900 million, about four times the amount from the same period last year, and already exceeded the total related expenditure for all of 2025, which was about $730 million.
In addition, Anthropic has disclosed to potential investors that its third-quarter revenue reached $1.68 billion, up about 45% from the second quarter, and that it achieved adjusted profitability and positive free cash flow. Still, there are differences between adjusted profitability and net profit under GAAP, and investors should pay close attention to the specific calculation methods and subsequent cash flow performance.
The market expects Anthropic to formally and publicly file its S-1 prospectus for investors by the end of October.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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