Investors Temper Anthropic IPO Valuation Expectations Over Revenue Growth Slowdown, Sources Say

3-line summary

• Current and prospective Anthropic investors are weighing a lower valuation for its planned November IPO after a recent investor presentation, Reuters reported October 15 citing four people familiar with the matter who were not authorized to speak publicly. Expectations have shifted from around $2 trillion to roughly $1.5 trillion among some attendees — described as 'a significant step down.'
• Anthropic told investors Q3 revenue rose 45% quarter-over-quarter to $16.8 billion and turned adjusted-profitable, but that followed Q2 revenue of $11.6 billion, which had more than doubled from Q1 — a deceleration investors found disappointing. The report cites a broader tech selloff centered on AI infrastructure and chip makers, CoreWeave's stock and bond declines, and growing unease over debt-funded AI investment; it also notes SB Energy delayed its listing and Holtec Nuclear withdrew its IPO plan.
• Separately, Anthropic's 2025 revenue surged to about $4.6 billion but with an operating loss exceeding $8 billion (excluding provisions); the company reported a $42 billion loss for 2025 and has committed to at least $518 billion in cloud and computing infrastructure spending over the next decade. Anthropic did not respond to a request for comment.

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