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Anthropic PBC reportedly plans to proceed with its public listing next week, even as some major investors push for a valuation below the roughly $1.5 trillion expected a week ago.

Expected to Reveal IPO Range This Week

The Claude maker is aiming for its shares to start trading on the Nasdaq as soon as Thursday or Friday next week, the Wall Street Journal reported, citing people familiar with the matter.

The company is holding meetings with investors this week and is expected to disclose its target valuation range in a filing early this week.

Anthropic did not immediately respond to Benzinga’s request for comment.

Valuation Pressure Builds After Selloff

Thursday’s selloff handed the Nasdaq 100 its biggest one-day drop since the 2020 pandemic and erased about $3 trillion from the S&P 500.

Some major investors are now pushing Anthropic for a lower valuation, the report added, noting that even as markets recover from last week’s selloff, Anthropic could face pressure to accept a lower valuation than the roughly $2 trillion discussed months ago.

Last week, the Journal reported that three major investors expect the valuation to come down, with one putting it closer to $1 trillion and possibly delaying the IPO.

Traders on Polygon – based Polymarket put 51% odds on Anthropic’s IPO valuation landing between $1.25 trillion and $1.5 trillion, with 40% on $1.5 trillion to $1.75 trillion and 7% on less than $1.25 trillion.

Larridin CEO Sees Room to Grow

More than half of the Fortune 500 spend at least $100,000 a year with Anthropic, but its revenue is, on average, less than 0.1% of those customers’ total expenses, according to its S-1.

Russ Fradin, CEO of enterprise AI analytics firm Larridin, told Benzinga that the low share of spending is “probably the single most bullish thing” in the filing, though he cautioned that it does not guarantee Anthropic will grow large.

Price Action: Tema Photonics & Optical ETF, which holds Anthropic shares ahead of the IPO at a 10.5% weighting, closed 8.82% higher on Monday at $29.11 and rose 3.06% to $30 in extended trading.

Benzinga Edge rankings indicate Tema Photonics ETF has a negative price trend across the short, medium, and long term.