Anthropic IPO valuation reportedly trimmed as Meta guides up to $145 billion in capex

Anthropic is heading to the public markets with a price tag that, by any normal standard, is enormous. It is also smaller than it was supposed to be.

The developer behind the Claude AI model revised its IPO prospectus on November 10, 2026. The new terms imply a fully diluted valuation of up to $1.404 trillion, down from earlier projections that had reached as high as $2 trillion. Investors are reportedly lowering their expectations after a broad selloff in AI stocks.

The same week, Meta Platforms guided its 2026 capital spending to between $135 billion and $145 billion.

The deal on the table

Anthropic set a price range of $70 to $78 per share for 825 million Class A shares. At the top of that range, the offering is expected to raise approximately $64.4 billion.

A separate $26 billion private placement is aimed at strategic partners, pushing total proceeds to nearly $90 billion.

Alphabet’s Google and Nvidia are each committing $10 billion as cornerstone investors.

Shares are expected to begin trading on Nasdaq on November 19 under the ticker “ANT.”

Why the number came down

The valuation reset tracks a broader downturn in AI-related equities that followed the recent US midterm elections. Investor worries center on two things: tighter regulatory scrutiny and whether giant data center investments will ever pay off.

Some market participants are now estimating Anthropic’s worth could slip to between $1.2 trillion and $1.3 trillion.

Anthropic’s run-rate revenue was approximately $81 billion as of October 31, 2026, an increase of $10 billion in a single month.

Anthropic’s compute commitments with partners like Amazon and Google total nearly $900 billion. That obligation is more than ten times the current run-rate revenue.

Meta’s spending tells the same story from the buyer’s side

Meta’s revised outlook for 2026 capital expenditures, between $135 billion and $145 billion, is aimed heavily at AI infrastructure. The company is contending with rising costs that are outpacing its operating cash flow.

In an analysis published on Seeking Alpha, the author of MBI Deep Dives, who has worked on both the sell-side and a US long-only buy-side shop, argued that benchmark progress per R&D dollar fell by ~60% even as progress per year doubled, and that it almost halved again in the third quarter.

Read plainly, models are getting better faster, but each improvement is costing more money than the last.

What to watch from here

The cornerstone commitments from Google and Nvidia offer a cushion. Twenty billion dollars of strategic money is meaningful support for the deal. But it also concentrates Anthropic’s fortunes among the same few partners that supply its compute.

Key figures to track after November 19 include where the shares open relative to the $70 to $78 range, whether run-rate revenue keeps climbing at anything like the October pace, and how management talks about the nearly $900 billion in compute obligations.

On the Meta side, the question is whether spending in the $135 billion to $145 billion range starts producing revenue that outpaces the bill.