Investors Consider Lower Valuation for Anthropic Ahead of Planned IPO .Investors in artificial intelligence company Anthropic are reconsidering its expected initial public offering (IPO) valuation following the company’s latest financial disclosures, with some discussing a valuation of around $1.5 trillion.
The figure is below the roughly $2 trillion valuation investors had previously expected for the planned November share sale. Four people familiar with the matter told Reuters that current and prospective investors were reassessing the company’s valuation amid concerns about the rising costs of financing artificial intelligence development.
At an investor meeting held on Wednesday in San Francisco, Anthropic told prospective IPO investors that its revenue increased 45% in the third quarter to $16.8 billion from the previous quarter. The company also reported that it was profitable on an adjusted basis during the quarter.
However, some investors were disappointed by the slowdown in sequential revenue growth. Anthropic’s revenue had more than doubled from the first quarter to reach $11.6 billion in the second quarter, making the latest growth rate less rapid than the previous quarter’s performance.
The financial disclosures helped address some concerns about the substantial costs associated with developing AI systems, but the slower growth prompted investors to examine the company’s expected valuation more carefully. Anthropic did not immediately respond to Reuters’ request for comment.
The discussions are taking place as a technology-sector selloff affects global financial markets, including companies involved in AI infrastructure, semiconductor manufacturing and cloud computing services. Investors have also expressed concern about the growing use of borrowed money to finance AI infrastructure expansion.
A weaker-than-expected IPO response from Anthropic could add to these concerns. The company’s listing is being closely watched because its performance could influence investor sentiment towards other AI businesses, including OpenAI, whose potential listing is expected next year.
Recent setbacks in the IPO market have added to the uncertainty. Data centre operator SB Energy delayed its listing in September, while nuclear technology company Holtec Nuclear withdrew its plans to go public.
Anthropic was founded in 2021 by former OpenAI executives, including chief executive Dario Amodei and his sister Daniela Amodei, who serves as president. The company has developed the Claude family of AI models and has grown with support from Alphabet’s Google and Amazon. Both companies are investors, suppliers of computing power and distribution partners, while also competing in the AI market.
Last year, Anthropic’s revenue increased twelvefold to nearly $4.6 billion, although it recorded an operating loss of more than $8 billion. Its IPO prospectus also reported a loss of $42 billion in 2025. The company has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.
These figures are central to the valuation debate as investors weigh the company’s revenue growth against the cost of developing and expanding its AI business.
