Investors Question Anthropic's $2 Trillion IPO Valuation as AI Infrastructure Costs Mount

Public-market investors are pushing back on the idea that Anthropic should debut near a $2 trillion valuation, as higher interest rates and the cost of AI data centers put new pressure on the IPO math. Some investors now argue the Claude maker belongs closer to $1.5 trillion, a lower figure that would still be about 55% above the company's last private valuation.