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Investors are reportedly considering a valuation of around $1.5 trillion for Anthropic’s planned IPO, down from earlier expectations of $2 trillion
Anthropic’s planned initial public offering (IPO) is facing fresh valuation questions, with some existing and prospective investors considering a price tag of around $1.5 trillion, significantly below the roughly $2 trillion valuation previously expected for the artificial intelligence company, Reuters reported on Friday.
According to the report, the reassessment follows the company’s latest financial disclosures, which showed strong revenue growth but also raised questions about the pace of expansion and the enormous cost of building and operating AI systems.
Some attendees at Anthropic’s investor day in San Francisco had discussed a valuation of around $1.5 trillion for the planned November share sale, Reuters reported. Investors had previously expected a valuation of roughly $2 trillion.
Revenue jumps, but growth is slowing
Anthropic told prospective IPO investors that its revenue rose 45 per cent sequentially to $16.8 billion in the third quarter. The company also reported a profit on an adjusted basis during the quarter.
However, some investors were disappointed by the slowdown in sequential revenue growth, the report said.
Anthropic’s revenue had more than doubled between the first and second quarters, reaching $11.6 billion in the second quarter. The latest increase was considerably slower by comparison, despite the continued expansion of its business.
More from Business$518 billion AI spending commitment
Anthropic’s planned listing comes amid growing scrutiny of the capital required to develop advanced AI systems.
The company has committed to spending at least $518 billion over a decade on cloud services, computing capacity and infrastructure, according to Reuters.
Anthropic’s IPO prospectus, reported by Reuters in September, showed that the company recorded a loss of $42 billion in 2025 and expected spending to increase as it expanded its AI infrastructure.
Last year, its revenue surged twelvefold to nearly $4.6 billion, while its operating loss exceeded $8 billion, excluding writedowns of various liabilities largely linked to previous fundraising, Reuters reported.
Why Anthropic’s IPO matters for the AI market
The proposed listing is emerging as an important test of investor appetite for AI companies and the infrastructure supporting them.
A weaker-than-expected reception for Anthropic’s IPO could add to concerns about the wider AI investment boom. Investors are also watching the prospect of an OpenAI listing, which could become another major test of demand for shares in leading AI developers.
The concerns come as a technology sell-off has affected global financial markets, including AI infrastructure companies, chipmakers and firms that rent out computing power.
Shares and bonds of CoreWeave, an AI cloud computing company backed by Nvidia, fell on Thursday amid growing concerns about the financing of AI infrastructure, Reuters reported. The sector has increasingly relied on borrowed money to fund data centres and computing capacity.
The IPO market has also faced setbacks. Data centre operator SB Energy delayed its planned listing in September, while nuclear technology company Holtec Nuclear suspended its IPO plans earlier that month, according to Reuters.
Founded in 2021 by former OpenAI executives, including chief executive Dario Amodei and his sister Daniela Amodei, Anthropic has become one of the leading developers of generative AI through its Claude family of models.
Alphabet’s Google and Amazon are among its investors and provide computing infrastructure and distribution support, while also competing in the AI market.
