Some existing and prospective investors in Anthropic (NASDAQ:ANTP) are considering a valuation of approximately $1.5 trillion for the artificial intelligence company’s planned November initial public offering, following financial disclosures that revealed slower quarterly revenue growth.
The figure represents a potential 25% reduction from the roughly $2 trillion valuation previously anticipated for the share sale, according to people familiar with discussions surrounding the offering.
Four people with knowledge of the matter said investors were reassessing expectations after Anthropic presented its latest financial results at an investor event in San Francisco on Wednesday. Three of those people said a valuation of around $1.5 trillion had been discussed.
The discussions come amid increasing scrutiny of the cost of developing artificial intelligence systems and concerns about the amount of borrowing supporting the sector’s infrastructure expansion.
Anthropic Reports 45% Quarterly Revenue Growth to $16.8 Billion
During Wednesday’s investor meeting, Anthropic disclosed that third-quarter revenue increased 45% from the previous quarter to $16.8 billion.
The company also reported that it had achieved profitability on an adjusted basis during the period.
Although the figures provided some reassurance about Anthropic’s ability to generate revenue from its AI technology, investors expressed concerns about the pace of growth compared with earlier quarters.
Revenue had more than doubled between the first and second quarters, reaching $11.6 billion in the second quarter.
The subsequent increase to $16.8 billion in the third quarter therefore represented a slowdown in sequential percentage growth, despite the substantial absolute increase in revenue.
According to people familiar with the discussions, some investors viewed the moderation as a reason to reconsider the valuation they were prepared to assign to the company.
The sources requested anonymity because they were not authorised to discuss the matter publicly.
Anthropic did not immediately respond to requests for comment.
November IPO Seen as Important Test for AI Market Valuations
Anthropic’s planned November listing is being closely watched as a potential indicator of investor demand for major artificial intelligence companies.
The offering comes during a period of volatility in technology shares, with investors increasingly questioning whether future AI-related revenue will justify the substantial capital being committed to computing infrastructure.
A weaker-than-expected reception for Anthropic’s IPO could add to concerns about valuations across the sector.
Investors are also monitoring the possibility of an initial public offering by OpenAI next year, making Anthropic’s proposed listing an important near-term event for the AI investment market.
The valuation being discussed remains preliminary, and the final pricing of the offering has not been established.
AI Infrastructure Debt Concerns Weigh on Technology Stocks
The reassessment of Anthropic’s potential valuation coincides with broader selling pressure affecting artificial intelligence infrastructure providers, semiconductor companies and businesses that rent computing capacity to AI developers.
Investors have become increasingly concerned about the financial risks associated with expanding AI infrastructure through substantial borrowing.
Shares and bonds of Nvidia-backed CoreWeave (NASDAQ:CRWV) declined sharply on Thursday, reflecting uncertainty about the sustainability of debt-financed investment in computing facilities.
The market weakness has extended beyond individual companies as investors evaluate the relationship between infrastructure spending, financing costs and future commercial returns.
Recent developments in the IPO market have also highlighted the challenges facing companies seeking public investment.
Data centre operator SB Energy postponed its planned listing last month, while nuclear technology company Holtec Nuclear withdrew its plans to go public.
These developments have contributed to a more cautious environment for companies seeking to raise capital through public markets.
Anthropic Executives Meet Investors in San Francisco
Wednesday’s meeting took place at Anthropic’s headquarters in San Francisco and was attended primarily by some of the company’s most prominent investors.
Attendees met with Chief Executive Officer Dario Amodei and finance chief Krishna Rao to discuss the company’s financial performance and planned public offering.
The event provided investors with updated information about revenue growth and profitability ahead of the proposed November share sale.
The Information had previously reported that investors were considering a lower valuation for Anthropic.
The latest discussions suggest that investors are placing greater emphasis on the company’s growth trajectory and the financial requirements of its expansion.
Google and Amazon Support Anthropic’s AI Expansion
Anthropic was founded in 2021 by former OpenAI executives, including Dario Amodei and his sister Daniela Amodei, who serves as the company’s president.
The business has developed into a major participant in generative artificial intelligence through its Claude family of AI models.
Its expansion has been supported by Alphabet’s Google and Amazon, which maintain several commercial relationships with the company.
Both technology groups are investors in Anthropic, suppliers of computing infrastructure and important distribution partners.
At the same time, they compete in parts of the artificial intelligence market, creating overlapping commercial relationships involving investment, infrastructure and AI services.
These partnerships have supported Anthropic’s development as it seeks to expand the use of its technology among businesses and other customers.
Previous Financial Disclosures Highlight Heavy AI Spending
Anthropic’s financial history illustrates both the rapid expansion of its business and the substantial costs associated with developing advanced AI systems.
According to financial information previously reported by Reuters, the company’s revenue increased twelvefold last year to nearly $4.6 billion.
However, Anthropic also recorded an operating loss exceeding $8 billion, excluding writedowns of certain liabilities primarily associated with earlier fundraising activities.
A prospectus reviewed by Reuters in September reported a loss of $42 billion in 2025 and outlined plans for additional investment in artificial intelligence infrastructure.
The document also presented Anthropic’s expectation that AI could transform the global economy more profoundly than industrialisation, electricity or the internet.
These ambitions are accompanied by substantial long-term financial commitments.
Anthropic has agreed to spend at least $518 billion over ten years on cloud services, computing resources and related infrastructure.
The scale of those commitments has increased investor attention on the company’s future revenue growth, profitability and financing requirements.
Valuation Discussions Reflect Changing Investor Expectations
The potential reduction in Anthropic’s IPO valuation from approximately $2 trillion to $1.5 trillion illustrates the growing importance investors are placing on the relationship between AI revenue growth and infrastructure spending.
Although third-quarter revenue increased 45% to $16.8 billion and the company reported adjusted profitability, the slower sequential growth rate has prompted some investors to reconsider earlier valuation expectations.
The planned November offering will provide a further indication of demand for major AI companies in public markets.
For investors, the principal questions remain whether Anthropic can sustain strong revenue growth, manage its substantial infrastructure commitments and generate returns sufficient to support its proposed valuation.