Anthropic investors reportedly lower IPO valuation expectations as growth slows

Some existing and prospective Anthropic investors are reportedly reassessing the company's expected IPO valuation. People familiar with the discussions say some now favor roughly $1.5 trillion, below earlier expectations of about $2 trillion. The discussions followed an October 14 investor meeting in San Francisco.

Anthropic reportedly presented third-quarter sales of $16.8 billion, representing quarterly growth of approximately 45%, and said it achieved an adjusted profit. Revenue had more than doubled during the preceding quarter. The slower expansion disappointed some investors, people familiar with the meeting say.

The discussions follow a substantial increase in Anthropic's private valuation. In May, the Claude developer announced that investors had provided $65 billion, putting its valuation after the investment at $965 billion. Anthropic said the money would support research, additional computing capacity and expansion of its products and partnerships.

The offering is reportedly expected in November. The valuation figures under discussion remain investor expectations, rather than confirmed offering terms, and Anthropic has not publicly confirmed a revised target.