Following tech's selloff on Wall Street this week, some investors are lowering their expectations for Anthropic.

The artificial intelligence company had been looking toward a $2 trillion valuation in its IPO up until recently, but stakeholders told CNBC that even $1.5 trillion is now in doubt, with one investor calling that number a "stretch."

Anthropic declined to comment.

The change in sentiment comes alongside growing concerns about the outsized spending by AI companies and a sharp post-midterm slump in the market. The Nasdaq plummeted more than 5% on Thursday, its steepest drop in 19 months, reflecting fears that Democrats' newfound power in Washington, D.C., and a nationwide rebuke of AI will lead to a slowdown in the buildout of data centers.

Bearishness on the AI trade was on the rise before the election. The Nasdaq suffered its worst month in October since March 2025, led by declines in chipmakers and neoclouds.

Anthropic is set to list on the Nasdaq , under the ticker ANT, and is gearing up for an expected debut in a matter of weeks. Last month, Anthropic was reportedly seeking a valuation as high as $2 trillion. As of May, the company was privately valued at $965 billion.

With the latest market turmoil, one investor said $1 trillion to $1.25 trillion is a more likely valuation target, although that could change with market conditions. The investors asked not to be named because they're not authorized to speak about the matter.

Gil Luria, an analyst at D.A. Davidson, told CNBC that, "Investors will expect the IPO to be priced at least at the low end of previous expectations."

"The market really needs this IPO to go well and the bankers on the deal surely understand that," Luria said. "The best way to set Anthropic up for success is to price the deal well."

The company is expected to kick off its roadshow next week.

WATCH: Some Anthropic investors now skeptical of $1.5 trillion valuation