Some Anthropic Investors Push for $1.5 Trillion IPO Valuation as Q3 Revenue Growth Cools to 45%

Some investors and prospective participants in Anthropic's planned initial public offering are now discussing a valuation near $1.5 trillion, down from the roughly $2 trillion previously floated, after the artificial intelligence company disclosed third-quarter revenue growth that slowed from the prior quarter's pace, according to a Reuters report relayed by Yahoo Finance. The deceleration also drew attention from The Information, which published a report headlined "Anthropic's Rapid But Slowing Growth Could Weigh on IPO Valuation."

Revenue Growth Decelerates From Prior Quarter

At an investor day held Wednesday at Anthropic's San Francisco headquarters, where attendees met CEO Dario Amodei and finance chief Krishna Rao, the company told prospective IPO investors that third-quarter revenue rose 45% from the prior quarter to $16.8 billion, according to the Reuters report cited by Yahoo Finance. That compares with second-quarter revenue of $11.6 billion, which itself had more than doubled from the first quarter, the report said, indicating the pace of sequential growth slowed sharply between the two periods based on the figures Anthropic disclosed to investors.

Anthropic also told the meeting it was profitable on an adjusted basis during the third quarter, the report said. Still, some investors expressed disappointment with the slowing sequential growth rate in the latest quarter, according to the report.

$1.5 Trillion vs. $2 Trillion: The Valuation Debate

Investors who attended Wednesday's meeting discussed a valuation of around $1.5 trillion for the IPO, Reuters reported, a decrease from the roughly $2 trillion level that the company and investors had previously floated for the proposed November share sale. By our calculation, using the two valuation figures in the report, $1.5 trillion is about $500 billion, or roughly 25%, below the previously floated $2 trillion mark ((1.5 − 2) / 2 × 100).

Applying the reported third-quarter revenue of $16.8 billion on a simple annualized basis (16.8 × 4 = $67.2 billion, our calculation), a $1.5 trillion valuation implies a multiple of roughly 22 times that annualized figure (1,500 / 67.2 = 22.3), while a $2 trillion valuation implies roughly 30 times (2,000 / 67.2 = 29.8). These are illustrative arithmetic comparisons derived from a single disclosed quarterly figure, not guidance from Anthropic on a formal run-rate basis, and the final multiple embedded in any IPO price will depend on offering terms that have not yet been set.

The current valuation discussion follows a string of private funding rounds that pushed Anthropic's valuation sharply higher over roughly nine months, according to SmartAsset: a Series F round in September 2025 valued the company at $183 billion post-money, a Series G round in February 2026 at $380 billion, and a Series H round in May 2026 at $965 billion. The $1.5 trillion to $2 trillion range now under discussion for the IPO would still mark a step up from the Series H level, even as some investors question the growth trajectory supporting it.

Market Reaction Spreads to AI Infrastructure Names

The report landed amid a broader tech selloff affecting AI infrastructure companies, chipmakers and neocloud providers that rent computing power for AI, according to Yahoo Finance's account of the Reuters report. Shares and bonds of Nvidia-backed CoreWeave fell on Thursday, the report said; the specific size of that move was not detailed in the available reporting, and no direct causal link to the Anthropic valuation discussions was stated.

Unresolved IPO Terms and Customer Concentration

The proposed share count and price range for Anthropic's offering have not been set, according to SmartAsset, and are expected to appear in a later amendment that would be filed before a roadshow begins. The prospectus has also flagged customer concentration as a risk: Anthropic's two largest customers generated roughly 25% of 2025 revenue, and many major customers are not committed under long-term contracts, SmartAsset reported.

Alphabet's Google and Amazon occupy a dual role as investors in Anthropic, suppliers of computing power and distribution partners, according to the Reuters report. Public reporting cited by SmartAsset shows Alphabet holding a roughly 14% stake in the company against a 15% ownership cap.

Full-Year Losses Widen Alongside Spending Commitments

For full-year 2025, Anthropic's revenue increased twelvefold to nearly $4.6 billion, while its operating loss widened to about $8 billion, excluding writedowns tied to previous fundraising, according to the Reuters report relayed by Yahoo Finance. SmartAsset put the operating loss figure more precisely at $8.06 billion, up from $2.98 billion in 2024. The company has also disclosed roughly $518 billion in cloud, computing and infrastructure obligations over the coming decade, and held $20.28 billion in cash, cash equivalents and short-term investments at the end of 2025, according to SmartAsset.

SmartAsset's earlier analysis framed the valuation risk in similar terms ahead of this week's investor day, noting: "If revenue growth slows, costs remain elevated or investors become less willing to pay premium multiples for AI companies, Anthropic's market value could face pressure even if the underlying business continues to expand."

Anthropic was founded in 2021 by former OpenAI executives including Dario Amodei and his sister Daniela Amodei, who now serves as the company's president, according to the Reuters report. The company is structured as a public benefit corporation, a legal designation that allows a company to pursue goals beyond shareholder profit but does not prevent it from going public, according to SmartAsset.

Bottom Line

The gap between a $1.5 trillion and $2 trillion valuation for Anthropic's planned IPO underscores how sensitive AI-sector pricing has become to quarter-over-quarter growth trends, even for a company that grew revenue 45% sequentially and reported adjusted profitability in the latest quarter. With share count, price range and final offering terms still unset, the valuation figures discussed at this week's investor day remain subject to change before any roadshow begins.