Investors in Anthropic are reconsidering the artificial intelligence company’s expected valuation ahead of its planned November initial public offering (IPO), with some now discussing a figure of around $1.5 trillion, down from earlier expectations of $2 trillion. The reassessment follows the company’s latest financial disclosures and growing concerns over the rising cost of financing AI development. At an investor meeting in San Francisco, Anthropic reported that its third-quarter revenue rose 45% sequentially to $16.8 billion and that it was profitable on an adjusted basis.
Despite the strong revenue performance, some investors expressed disappointment over the slowdown in quarterly growth compared with the previous period, when revenue more than doubled from the first quarter to $11.6 billion in the second quarter. The valuation concerns come amid a broader technology selloff affecting AI infrastructure providers, chipmakers and cloud computing companies. Shares and bonds of CoreWeave, backed by Nvidia, have also faced pressure as investors grow increasingly cautious about the industry’s reliance on debt to finance large-scale AI infrastructure investments.
Founded in 2021 by former OpenAI executives Dario Amodei and Daniela Amodei, Anthropic has emerged as a major player in generative AI through its Claude models, supported by investments and infrastructure partnerships with Google and Amazon. However, the company faces substantial spending commitments, including at least $518 billion over a decade for cloud services, computing and infrastructure. A weaker-than-expected IPO could weigh on sentiment across the AI sector, particularly ahead of a potential OpenAI listing next year, as investors increasingly scrutinise the balance between rapid revenue growth, profitability and the enormous costs of building advanced AI systems.
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