Anthropic investors and potential IPO buyers discussed valuing the company at about $1.5 trillion, below the roughly $2 trillion some had expected for a planned November listing, Reuters reported on October 15. The figure reflects investor discussions, not a formal offering valuation or share price.

At an October 14 investor meeting in San Francisco, Anthropic reported third-quarter revenue of $16.8 billion, up 45% from the second quarter. It also said it was profitable on an adjusted basis. Investors cited the slower quarter-on-quarter growth as a concern.

Revenue keeps rising, but growth has slowed

The reported figures show how the pace changed across the first three quarters:

  • First quarter: $4.7 billion
  • Second quarter: $11.6 billion, about 147% higher than the first
  • Third quarter: $16.8 billion, up 45% from the second

Anthropic is still adding substantial revenue. But investors weighing a possible public listing must judge how long that expansion can continue and whether future sales can support a valuation in the trillions.

Infrastructure spending is part of the valuation test

Reuters said the debate comes amid wider concern about the cost of financing AI infrastructure. Revenue growth and adjusted profitability are only part of the picture. Investors will also assess the resources Anthropic needs to build and run its AI services.

The difference between $2 trillion and $1.5 trillion is 25%. It reflects a shift in investor discussions, not a confirmed cut to Anthropic’s IPO target.

If Anthropic proceeds with a listing, the final valuation and share price will be determined through the offering process.