Public Investors Push Back on Anthropic’s $2 Trillion IPO Valuation as AI Infrastructure Costs Rise

Public-market investors are challenging the upper end of Anthropic’s prospective IPO valuation, with some arguing the Claude maker should be priced closer to $1.5 trillion than the $2 trillion level discussed by bankers. The pushback reflects a broader shift in AI financing: rapid revenue growth is still drawing capital, but rising interest rates and enormous data-center commitments are making Wall Street more skeptical of frontier-model economics.