Anthropic investors discuss $1.5T valuation, $500B below prior expectations - report

Anthropic’s (ANTHRO) expected $2T valuation for its planned November IPO is facing fresh scrutiny, with some investors discussing a lower $1.5T price tag as revenue growth slows and the cost of financing AI development mounts, Reuters reported, citing people familiar with the matter.

Current and prospective investors were weighing a lower valuation after reviewing the company’s latest financial disclosures. Three said investors at Anthropic’s October 14 investor day in San Francisco discussed the $1.5T figure, which would be $500B, or 25%, below previous expectations, the report added.

Anthropic (ANTHRO) reported Q3 revenue of $16.8 billion, up 45% from the previous quarter, compared with $11.6B in Q2 and $4.7B in Q1. While revenue continued to expand rapidly, some investors were disappointed that growth had slowed after more than doubling between Q1 and Q2.

The company told prospective investors it was profitable on an adjusted basis in Q3, helping address concerns about the high costs of developing AI systems.

The valuation discussions come as investors scrutinize the financing behind the broader AI infrastructure boom. A weaker reception for Anthropic’s (ANTHRO) listing could also affect sentiment toward rival OpenAI (OPENAI), which is expected to pursue a public listing in 2027.

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