Anthropic faces investor questions over valuation ahead of reported IPO

Some current and prospective Anthropic investors are reportedly reconsidering how much the Claude developer should be worth in a public offering. People familiar with the discussions say some investors have considered a valuation near $1.5 trillion, below earlier expectations of roughly $2 trillion. Those figures represent investor discussions, not confirmed offering terms.

At an October 14 investor meeting, Anthropic reportedly presented third-quarter revenue of $16.8 billion, compared with $11.6 billion in the preceding quarter. Attendees said the company also described itself as profitable on an adjusted basis. The reported revenue figures show continued expansion but a slower percentage growth rate than in the second quarter.

Anthropic's last announced funding round provides a confirmed benchmark. The company said on May 28 that it raised $65 billion at a valuation of $965 billion, with Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital leading the round. Anthropic said the money would support research, additional computing capacity and expansion of its products and partnerships.

A November share sale is reportedly planned, but the valuation discussions do not establish its final price. The proposed offering comes as investors weigh Anthropic's rising sales against the substantial expense of developing and operating its AI systems.