WSJ: Investors have cut their expected Anthropic IPO valuation from about $2T to $1.5T, and some now say $1T is more realistic.

Its all about politics now after the midterm, rather than Anthropic’s own numbers.

Since midterm wins by democrats, the fear of data center moratoriums triggered a $3.2T selloff in US stocks.

Anthropic’s business is still growing, with its run rate above $80B at the end of October, so some investors want those results before assuming a cut.

Even a smaller raise of about $80B would leave Anthropic with more than $200B in cash, given the $146.6B it held on September 30.

OpenAI’s weak fundraising points the same way: it has raised $11B of a $30B target at a $1.25T valuation, below what it first sought.

Because Google, Amazon and Nvidia are closely tied to Anthropic’s business, a delayed or repriced IPO could hurt valuations well beyond Anthropic.