Potential investors in Anthropic’s highly anticipated IPO are raising doubts about whether the artificial intelligence start-up can proceed with its planned roadshow next week in time for a November listing, people familiar with investor discussions said.

Investors are pushing for a more attractive valuation to commit to the offering, with some viewing the recently discussed $1.5 trillion valuation as being at the high end of expectations, the people said.

Dario Amodei, left, looks on as Speaker Mike Johnson speaks to the press at the White House in Washington, Tuesday, Sept. 29, 2026. AFP via Getty Images

The discussions reflect in part the impact of the sharpest technology selloff in a year and geopolitical uncertainty clouding the outlook for new offerings.

Anthropic, led by CEO Dario Amodei, declined to comment.

The roadshow was initially expected to kick off the week of Nov. 9, Reuters previously reported, with pricing expected the following week.

The discussions reflect in part the impact of the sharpest technology selloff in a year and geopolitical uncertainty clouding the outlook for new offerings. REUTERS

Anthropic may need to offer a bigger discount to secure investor commitments, particularly as investors recognize the company’s need to raise capital, the people said, given a record of quarterly losses and the large commitments it has made to partners in the AI buildout.