Anthropic IPO Valuation Could Slip as Investors Cool on Growth Pace

Some current and prospective backers of Anthropic are now talking about a valuation near $1.5 trillion for its November share sale, down from the roughly $2 trillion many had expected. Four people familiar with the matter described the shift, which followed an investor day held Wednesday in San Francisco with CEO Dario Amodei and finance chief Krishna Rao. The discussions also reflect wider unease over how expensive it has become to finance AI development.

Third Quarter Revenue and Profit Figures

At the event, the company said revenue reached $16.8 billion in the third quarter, a 45% rise on the previous quarter, and that it turned a profit on an adjusted basis. Those figures eased some worries about heavy AI costs. Still, some investors were let down because growth cooled after revenue more than doubled to $11.6 billion in the second quarter.

Tech Selloff and AI Market Risks

The cooler tone comes during a global tech selloff that has hit chipmakers, AI infrastructure firms and neocloud providers. Shares and bonds of CoreWeave fell on Thursday as investors worried about an AI buildout increasingly funded with debt. A weak Anthropic debut could add to that anxiety, especially with OpenAI possibly listing next year. The IPO market has already stumbled, with SB Energy delaying its listing and Holtec Nuclear pulling its plans.

Anthropic’s Background and Financial History

Anthropic was founded in 2021 by former OpenAI executives, including Dario Amodei and his sister Daniela, now company president. Google and Amazon act as investors, compute suppliers, distribution partners and competitors. Last year revenue grew twelvefold to nearly $4.6 billion, while the company posted a $42 billion loss for 2025, according to its prospectus, and plans more AI spending ahead.