• Goldman Sachs (NYSE:GS) CEO David Solomon says the market is open and transactions are occurring, but declines to comment on Anthropic's IPO.
  • Anthropic's planned offering faces pressure as investors push for a lower valuation amid an AI stock sell-off.
  • The roadshow could begin as early as November 10, with trading potentially starting the week of November 16.

Market Open, But Price Sensitivity High

Goldman Sachs CEO David Solomon, when asked about Anthropic's hotly anticipated IPO, offered a measured assessment: the market is open and transactions are happening. But he declined to comment on the specifics of the offering, leaving unanswered questions about timing, pricing, and demand.

Solomon's remarks, made during a CNBC interview, come as Anthropic—the artificial intelligence company behind the Claude chatbot—prepares for what could be one of the largest tech listings in recent years. Goldman Sachs and Morgan Stanley (NYSE:MS) are leading the planned offering, according to people familiar with the matter.

The IPO market has shown resilience despite recent volatility, but investors are increasingly discerning. A sell-off in AI-related stocks has forced prospective backers to reconsider valuations, with some now eyeing a range of $1 trillion to $1.3 trillion, down from expectations approaching $2 trillion in October, according to Bloomberg and The Wall Street Journal.

Roadshow on the Horizon

Anthropic publicly filed its IPO paperwork on October 26 and has since updated its financial disclosures. The investor roadshow could kick off as early as November 10, with trading potentially beginning in the week of November 16. However, no official debut date, share count, or offering price has been announced. The company plans to list on the Nasdaq (NASDAQ:NDAQ) Global Select Market under the ticker "ANT."

The funding ambition remains enormous. Financial Times reporting suggests Anthropic aims to raise between $80 billion and $100 billion, targeting a valuation of $1.25 trillion to $1.75 trillion. These ranges reflect an unsettled book-building process rather than confirmed terms, underscoring the negotiation underway between the company and potential investors.

Financial Performance and Challenges

Anthropic's revenue growth has been nothing short of spectacular. For the first nine months of 2026, revenue reached $33.2 billion, up approximately 1,206% year over year. Third-quarter revenue alone was about $16.96 billion, a 47% increase from the prior quarter. Operating losses narrowed to $1.3 billion from $5.2 billion in the same period last year.

Yet the company faces substantial spending commitments. Aggregate commitments total approximately $895.4 billion, primarily for compute and infrastructure, with $69.8 billion due within the next 12 months. These are long-term obligations, not immediate expenses, but they highlight the capital-intensive nature of the AI business.

"What institutional investors like us are really focused on is regulatory stability," Solomon said, though he was speaking generally about market conditions, not Anthropic specifically. "The market is open, transactions are occurring, we'll see."

Governance and Political Hurdles

Anthropic intends to remain a public benefit corporation, with founders and an independent trust retaining substantial control. A founder-controlled Class F share would carry 50.1% of voting power over specified corporate matters, limiting ordinary public shareholders' influence.

The company also faces political and regulatory challenges. Ongoing disputes with the Trump administration and Pentagon over access to its models could cause material revenue losses, according to filings. Export controls have temporarily interrupted access to advanced models in some regions. And the FTC has sought executive testimony as part of scrutiny of AI-product safety.

What's Next

The decisive milestones are an amended prospectus with a price range and share count, the launch of the roadshow, and final pricing. Continued market weakness could lead to a lower valuation, a smaller deal, or a delay. The November schedule remains provisional.

Solomon's comment is best read as confidence that transactions remain possible, while leaving the crucial Anthropic-specific questions—price, demand, and execution—unanswered. For now, the market is open, but the price must be right.

Update: This article was updated to clarify that Solomon's remarks were made during a CNBC interview and that the valuation ranges are based on reporting from Bloomberg and The Wall Street Journal.