Anthropic IPO valuation discussion falls to about $1.5 trillion

The Telegraph reported that a valuation of about $1.5 trillion had been discussed, a step down from $2 trillion and a potential $500 billion reduction from earlier expectations.[1] Anthropic separately said it confidentially submitted a draft S-1 registration statement to the SEC.[3] The company says the draft gives it the option to go public after SEC review, subject to market conditions and other factors.[3] It has not set the number of shares to be offered or the IPO price.[3] Proactive Investors reported that Anthropic has a planned November IPO.[2] That reported plan is not the same as a confirmed offering date or final valuation.[3]

Anthropic reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter.[2] The BBC reported that the figure covered the three months through the end of September.[4] Revenue had risen from $4.7 billion in the first quarter to $11.6 billion in the second, more than doubling; the third-quarter growth rate was slower.[4][2] Anthropic told investors it made a third-quarter profit on an adjusted basis, which excludes non-recurring costs.[4] That qualification matters: the reported profit was adjusted, not an unqualified statement about profit on every accounting basis.[4]

The revenue figures were presented at an investor day at Anthropic’s San Francisco headquarters for existing investors and prospective backers.[2] Reports on the event differed in emphasis: some investors were described as optimistic about revenue growth and the path to profitability, while other accounts cited disappointment over slower growth and high AI infrastructure costs.[4][1] Anthropic has committed to spending at least $518 billion over a decade on cloud services, computing capacity and infrastructure.[2] Investors are scrutinizing whether revenue growth can justify the costs of developing AI systems and support sustained profitability.[2] Google and Amazon have backed Anthropic and also provide computing infrastructure and distribution.[2]

Anthropic’s proposed IPO is being watched as a test of investor appetite for large AI businesses ahead of a possible OpenAI listing next year.[2] Anthropic is the company behind the Claude models.[2] Its reported valuation reassessment followed slower quarterly revenue growth and raised questions about whether expansion could continue at a pace that supports the valuation.[2] Anthropic’s revenue figures, alongside OpenAI’s, are also viewed as indicators of AI industry growth and its ability to finance needed infrastructure.[4] These reports provide investor context, but they do not establish the final terms or outcome of Anthropic’s IPO.[3]