Anthropic’s roadshow launched today, alongside the release of its new model, Fable 5.2, yet its valuation has been revised down from approximately $2 trillion to $1.1–1.3 trillion, with no plans to delay its IPO and a focus on seizing the final window of opportunity. This marks a repricing of the entire AI sector: although valuations have declined, total fundraising amounts remain unchanged. The market will now compare Anthropic’s latest valuation to OpenAI’s and reassess how long the premium for compute and application companies can be sustained. Anthropic kicked off its Nasdaq roadshow on November 10 (U.S. time), aiming to price its shares before Thanksgiving on November 26 under the ticker symbol ANT. Potential investors are currently discussing a valuation range of $1.1–1.3 trillion—significantly below earlier rumors of around $2 trillion. This Friday, the CEO will participate in a live IPO broadcast with JPMorgan Chase’s CEO and is considering allocating 15% to 20% of shares to retail investors.