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    Today's letter · Oct 20

    Anthropic’s Valuation Just Got Cut by 25%.Read it
    Dylan Jovine, Founder & CEO of Behind the Markets

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    Dylan's Diary

    October 20, 2026

    Anthropic’s Valuation Just Got Cut by 25%.

    Dear Reader,

    As promised yesterday, let me tell you what I know about Anthropic’s investor roadshow. This is information from people close to the situation, and I think it changes how you should think about this IPO.

    Dylan Jovine

    Founder & CEO

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