Anthropic investors reportedly reconsider IPO valuation as revenue growth slows

Some Anthropic investors are reportedly considering a lower valuation for its planned initial public offering following new financial disclosures. People familiar with the discussions say a figure near $1.5 trillion came up, compared with earlier expectations around $2 trillion.

Anthropic reportedly told prospective investors at an October 14 meeting in San Francisco that third-quarter revenue reached $16.8 billion. That represented approximately 45% growth from the preceding quarter, when revenue was $11.6 billion. The company also reportedly said it achieved profitability on an adjusted basis.

The figures indicate continued expansion but a slower percentage increase than in the second quarter, when revenue more than doubled. The valuation discussions concern how investors price that growth ahead of a public offering; they do not establish a final offering value.

The share sale is reportedly expected in November. The valuation figures remain accounts of private investor discussions, rather than announced IPO terms.