Vehicles pass Anthropic's headquarters on Howard Street in San Francisco, California, on Oct. 27, 2026. /AFP-Yonhap

Anthropic is pressing ahead with plans to list on the U.S. stock market this month despite a sustained sell-off in technology stocks that has raised concerns about declining valuations for artificial intelligence (AI) companies. At the same time, the company is making major investments to address power shortages at data centers.

According to the Financial Times (FT) on Sunday, several investors in AI startups said Anthropic was moving quickly to complete its initial public offering (IPO) before Thanksgiving in the United States on Nov. 26. 

Through the offering, Anthropic aims to raise between $80 billion and $100 billion (approximately 109 trillion to 136 trillion won) at a valuation of $1.25 trillion to $1.75 trillion (approximately 1,701 trillion to 2,381 trillion won).

That would represent a substantial increase from its existing valuation of $965 billion (approximately 1,312 trillion won), but would fall short of the roughly twofold increase investors had expected as recently as a month ago.

Several Anthropic investors said CEO Dario Amodei would not change the company's listing plans even if it meant accepting a lower valuation.

"My view is they will price it very conservatively, call it $1.5tn, and go up from there," one major investor said.

Other investors expected to participate in the offering suggested the company's valuation could be even lower, at around $1.3 trillion (approximately 1,769 trillion won).

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A monitor on the trading floor of the New York Stock Exchange (NYSE) displays news about Anthropic's initial public offering in New York City on Oct. 28, 2026. /Reuters-Yonhap

Sources familiar with the matter said maximizing Anthropic's valuation was not the company's top priority.

Referring to the Anthropic co-founders' pledge to donate 80% of their personal equity stakes to charitable causes, one investor said, "They're donating the majority of their economics to charity anyway."

People familiar with the company's finances expect Anthropic, which reportedly holds $150 billion (approximately 204 trillion won) in cash and liquid assets on its balance sheet, to raise enough money through the offering to avoid having to sell additional equity in the future.

Meanwhile, OpenAI, which recently postponed its IPO plans, completed approximately $11 billion (about 15 trillion won) in new private fundraising at a valuation of $1.25 trillion, Bloomberg reported Friday. 

The FT also reported Sunday that Anthropic had struck a deal worth approximately $3.4 billion to secure gas-fired generators for its data centers, marking the largest known single purchase of power generation equipment by an AI company.

In September, Anthropic entered into an agreement with OnePWR Solutions, a power equipment supplier based in San Antonio, Texas, to acquire commitments for 1.7 gigawatts of high-capacity generators.

The agreement would give Anthropic greater control over its power infrastructure and help prevent disruptions to its electricity supply. However, some observers have raised concerns that the investment could add to the company's financial burden ahead of its stock market debut. 

                                                                                                                Kim Hyun-min