Anthropic’s $69.3 billion IPO plan was withdrawn by the company shortly after being sent to banks. According to a Reuters exclusive report, on the evening of November 9, Anthropic sent banks a securities filing outlining plans to sell approximately 867 million shares at a price range of $70 to $80 per share, potentially raising up to $69.3 billion at the upper end of the pricing range. The filing also revealed another startling arrangement: tech giants including Google, NVIDIA, Microsoft, AMD, Broadcom, Micron, and TSMC were set to participate in a combined $26 billion private placement concurrent with Anthropic’s IPO. However, shortly after sending the filing, Anthropic emailed the banks stating that the pricing information was inaccurate and that an updated version would be provided. It remains unclear whether the issue lay with the offering price, the number of shares, or the total fundraising amount—Anthropic offered no explanation, and Reuters could not verify details. The company declined to comment. It is important to note that Anthropic withdrew only the IPO filing and its pricing details—not the IPO itself. The previously circulated $69.3 billion fundraising figure can no longer be considered final. Under the original timeline, Anthropic still planned to begin its roadshow on Tuesday. The timing of this development is particularly delicate. Previously, market expectations for Anthropic’s valuation had already declined from a peak of around $2 trillion to approximately $1.5 trillion. Recent sharp corrections in AI-related stocks have further prompted investors to reassess the industry’s capital expenditure needs and profitability outlook. Even more noteworthy is the $26 billion private placement mentioned in the withdrawn filing. If this arrangement is ultimately retained, Anthropic’s IPO would take on a highly unusual structure: major players across the AI supply chain—its suppliers, partners, and even competitors—would also become key investors supporting its capital market financing. In the past, AI companies relied on tech giants for computing power; now, they are preparing to have those same giants underwrite part of their public offering. But the price that insiders within the supply chain are willing to pay is not necessarily the same as what public markets will accept. Anthropic may have merely withdrawn a few尚未 finalized figures—but the roadshow ahead must answer a far bigger question: When the internal capital cycle of the AI industry meets the public markets, how high a valuation will external investors be willing to grant?