The Pulse
Anthropic IPO Investors Reconsider a $2 Trillion Valuation
Some investors discussed valuing Anthropic at about $1.5 trillion for its planned November share sale, below prior expectations of roughly $2 trillion. The discussion followed a presentation showing third-quarter revenue of $16.8 billion an
AI.info Team · Written with AI ·
At Anthropic’s October 14 investor meeting, some attendees discussed valuing the company at about $1.5 trillion for its planned November share sale, below the roughly $2 trillion figure investors had previously expected. The discussions followed a presentation showing third-quarter revenue of $16.8 billion, up 45% from the previous quarter. The figures gave investors evidence of substantial sales and adjusted profitability, but also a slower pace of sequential growth.
Why $16.8 billion did not settle the valuation
Anthropic told prospective IPO investors that it was profitable on an adjusted basis in the third quarter. The company’s revenue had more than doubled from the first quarter to $11.6 billion in the second, Reuters reported, making the latest quarter’s 45% increase a marked deceleration by comparison. Some investors were disappointed by that slowdown, according to people familiar with the discussions.
The reported $1.5 trillion figure is a valuation some investors discussed, not a price Anthropic or its underwriters have publicly set. Four people familiar with the matter described investors weighing a lower valuation after the financial disclosures. Three of them said attendees discussed a figure around $1.5 trillion, compared with prior expectations near $2 trillion.
Growth arrives alongside a heavy infrastructure bill
The revenue figures also eased some investor concerns about the cost of developing AI systems, Reuters reported. But Anthropic’s growth story comes with substantial obligations: the company has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure. A lower valuation discussion therefore reflects questions not only about current sales, but also about the scale and financing of the buildout needed to support future growth.
Anthropic’s IPO prospectus, reviewed by Reuters in September, reported a $42 billion loss for 2025 and projected further spending on AI infrastructure. The company’s revenue reached nearly $4.6 billion last year, a twelvefold increase, while its operating loss exceeded $8 billion excluding write-downs tied mostly to earlier fundraising. Those historical figures put the new quarterly revenue disclosure in context, but do not establish what the company will earn or spend after going public.
A possible test for other AI listings
The valuation talks come amid a technology selloff that has pressured AI infrastructure companies, chipmakers and firms that rent computing power. Reuters reported that CoreWeave shares and bonds fell on Thursday as investors weighed an AI buildout increasingly financed with borrowed money. A weaker reception for Anthropic’s offering could add to those concerns, the report said.
Anthropic’s listing also carries significance for the IPO market: investors are watching the planned sale ahead of a potential OpenAI listing next year. The market has faced other setbacks, including SB Energy delaying its listing the previous month and Holtec Nuclear pulling its plans to go public. For now, the clearest sign of investor caution is the gap between the roughly $2 trillion expectation and the $1.5 trillion figure discussed after Anthropic presented its third-quarter results.