Anthropic IPO doubts grow as AI market chill spreads

Investors began the year expecting a slate of blockbuster public listings from SpaceX, Anthropic and OpenAI, but several fintech and AI-exposed companies have since postponed their IPOs amid market uncertainty, according to a report from Semafor.

Anthropic itself is now under scrutiny. One analyst told CNBC that more questions than answers emerged around a revenue growth deceleration in September, and the startup's revised valuation is adding further downward pressure on AI stocks.

At the same time, the company is continuing to take on debt, though on more exacting terms. Its newest borrowing from Blackstone is expected to carry an interest rate above 10%, the Financial Times reported.

The combination of a cooling IPO window, slowing growth questions and rising borrowing costs leaves Anthropic positioned as what one observer called the last tentpole listing opportunity for the AI trade in 2026.

Analysis

Why This Matters

A successful Anthropic listing would be a major test of investor appetite for AI companies after a period of rapid valuations.
Delays or a weak debut could reshape expectations for other AI startups planning to go public.
The company's high-cost borrowing signals that even leading AI firms face tougher financing conditions.

Background

Anthropic is a major US-based AI company that has grown rapidly alongside the broader boom in generative artificial intelligence. Earlier in the year, investors anticipated a wave of high-profile IPOs from large private technology companies, but that optimism has faded as markets turned more cautious.

Key Perspectives

Investors: Hope an Anthropic offering can anchor the AI trade and provide a meaningful exit after years of private-market growth.

Market analysts: Point to slowing revenue growth and valuation pressure as warning signs that AI companies may not match the expectations built into their prices.

Critics and skeptics: Argue that the company's reliance on expensive debt, with interest rates above 10%, reflects a riskier financial position than earlier funding rounds suggested.

What to Watch

Any official filing or timeline from Anthropic for a public listing.
Whether revenue growth figures for the coming months ease or deepen concerns about deceleration.
The terms and size of the Blackstone borrowing, and whether other lenders follow with similar pricing.

Checked

10 claims in this story checked against 1 source: 5 supported.

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Partly supportedHeadline: 'Anthropic IPO doubts grow as AI market chill spreads' frames the story as growing doubts about Anthropic's IPO and a spreading chill.Semafor: “Anthropic could be the AI trade’s last tentpole IPO in 2026, as postponements of public offerings mount ahead of a looming capital crunch.”
SupportedSummary: postponements mount across the sector ahead of a potential capital crunch.Semafor: “as postponements of public offerings mount ahead of a looming capital crunch”
SupportedAnthropic may be the AI trade's last major initial public offering of 2026.Semafor: “Anthropic could be the AI trade’s last tentpole IPO in 2026”
Partly supportedMarket jitters push other companies to shelve their float plans.Semafor: “market jitters have forced several fintech and AI-exposed companies to rethink their IPO plans this year”
Partly supportedSeveral fintech and AI-exposed companies have since postponed their IPOs amid market uncertainty, according to Semafor.Semafor: “market jitters have forced several fintech and AI-exposed companies to rethink their IPO plans this year”
SupportedAn analyst told CNBC that more questions than answers emerged around a revenue growth deceleration in September.Semafor: ““more questions than answers emerged around… revenue growth deceleration in September ,” an analyst told CNBC”
SupportedAnthropic's revised valuation is adding further downward pressure on AI stocks.Semafor: “as the startup’s revised valuation piles further downward pressure on AI stocks”
SupportedAnthropic's newest borrowing from Blackstone is expected to carry an interest rate above 10%, as the Financial Times reported.Semafor: “Its newest borrowing from Blackstone is expected to charge more than 10% interest , the Financial Times reported.”
Partly supportedOne observer called Anthropic the last tentpole listing opportunity for the AI trade in 2026.Semafor: “Anthropic could be the AI trade’s last tentpole IPO in 2026”
Partly supportedThe combination of a cooling IPO window, slowing growth questions and rising borrowing costs.Semafor: “Anthropic, too, has come under scrutiny”