What happened
Anthropic could be the AI trade's last tentpole IPO in 2026, as market jitters have forced several fintech and AI-exposed companies to rethink their IPO plans this year.
Why it matters
Investors had expected successive SpaceX, Anthropic and OpenAI offerings, so a thinner IPO pipeline leaves them with fewer ways to bet on AI through public markets.
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Earlier in the year, investors were anticipating a run of major offerings from SpaceX, Anthropic and OpenAI. That sequence now looks less certain, with market jitters prompting several fintech and AI-exposed companies to reconsider their IPO plans this year.
Anthropic itself has drawn scrutiny. An analyst told CNBC that more questions than answers emerged around revenue growth deceleration in September, and the startup's revised valuation is seen as piling further downward pressure on AI stocks.
On the financing side, Anthropic is continuing its debt binge but on more exacting terms. Its newest borrowing from Blackstone is expected to charge more than 10% interest, the Financial Times reported, a sign that the company's capital is coming at a higher price.
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