Investors weigh about $1.5 trillion for Anthropic's IPO, down from $2 trillion, after Q3 growth slowed to 45%, Reuters reports

Some current and prospective Anthropic investors are weighing a valuation of around $1.5 trillion for its November share sale, down from the roughly $2 trillion they had expected, Reuters reported on October 15, citing four people familiar with the matter. Three of them said the $1.5 trillion figure was discussed by investors who attended Anthropic's investor day in San Francisco on October 14.

THE NUMBERS ANTHROPIC SHOWED

At the investor day, according to Reuters' sources, Anthropic said its third-quarter revenue rose 45% from the second quarter to $16.8 billion, and that it was profitable on an adjusted basis in the quarter. Second-quarter revenue was $11.6 billion, more than double the first quarter's $4.7 billion. What disappointed some investors was the slower quarter-on-quarter growth, not the size of the number, the sources said.

For scale, on Reuters' own figures: Anthropic's revenue for all of 2025 was nearly $4.6 billion, so each quarter of 2026 so far has brought in more than the whole of last year.

THE BACKDROP

Reuters ties the caution to a tech selloff that has hit AI infrastructure companies, chipmakers and neocloud providers, with CoreWeave's shares and bonds falling on October 15, and to an AI buildout increasingly paid for with borrowed money. The prospectus Reuters reviewed in September lists at least $518 billion in cloud, compute and infrastructure commitments over a decade, against a 2025 net loss of $42 billion. Anthropic did not immediately respond to Reuters.

WHAT WE DO NOT KNOW

None of this comes from Anthropic directly: the revenue figures and the valuation talk are what people at or around the meeting told Reuters. The final valuation is set only when the shares are priced, and there is still no public price range, ticker or listing date.

Our September 29 story on the prospectus has the earlier numbers.