Doubts after an AI selloff leave an Anthropic listing by late November a toss-up

Traders now see it as a toss-up that Anthropic's shares will be listed and open for trading on a public exchange by late November, a sharp retreat from the days after the company's filing, when such a debut looked likely.

The likely reason is a selloff in AI-related stocks on Thursday, which Axios tied to the election's rattling of the AI trade. Reuters then reported that prospective investors doubted whether Anthropic could go ahead with its roadshow and a November listing, and were pushing for a more attractive valuation. Anthropic declined to comment on the doubts. No source ties the selloff directly to these bets, and Reuters did not say the company had decided to delay.

Bets on a late-November listing held near likely through Tuesday, then slid on Wednesday and fell further on Thursday, ending the day around even odds. They were steady overnight. The slide has run across the calendar. A listing by November 20 is also a toss-up, while one by November 30 is still likely, as are listings by mid-December and by year-end. Only a listing by mid-November remains a long shot.

Taken together, traders now expect a listing around late November, within a range running from mid-November to no listing by December 31. When the story began on October 26 the central expectation was mid-November.

Anthropic filed its public registration statement with the Securities and Exchange Commission on October 26, saying it intends to list Class A shares on Nasdaq under the ticker ANT. The filing did not mean shares had begun trading. On November 2 the company amended it, reporting nearly $17 billion in third-quarter revenue alongside a net loss. Reuters had reported that Anthropic was expected to begin marketing shares the week of November 9.

That week is the next test. Investors will watch for a roadshow, a price range and share count, regulatory clearance and a confirmed first trading date. A filing or roadshow alone would not count: the shares must be open for trading by the deadline. Reuters reported that continued pressure on AI assets could prompt a delay, but none had been announced.