Anthropic investors reconsider trillion-dollar IPO valuation amid slower revenue growth

Anthropic’s investor day revealed a third-quarter revenue jump of 45% to $16.8 billion and an adjusted-profit result, yet the pace of growth slowed after a doubling of revenue in the prior quarter. In response, investors present at the San Francisco meeting floated a valuation of about $1.5 trillion, a notable reduction from the $2 trillion range previously anticipated for the November offering. The company’s leadership, including CEO Dario Amodei and CFO Krishna Rao, fielded questions from its largest shareholders, who are also key cloud partners such as Google and Amazon.

The tempered outlook arrives amid a tech sell-off that has pressured AI infrastructure firms and could dampen confidence in the AI sector’s financing model. A weaker Anthropic IPO may heighten worries about the capital-intensive AI build-out, especially as the market awaits OpenAI’s potential public debut. The episode underscores the challenges of sustaining rapid growth while managing massive cloud-service spending commitments.