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Some investors weigh valuing Anthropic at about $1.5 trillion, according to Reuters
IA en un minuto newsroom · Editor: Jon Elgezabal
In 30 seconds
Some of Anthropic's shareholders and would-be buyers are considering a price of around $1.5 trillion on the Claude maker, well short of the roughly $2 trillion expected. Reuters puts it down to slower sales growth: 45% from the second to the third quarter, after more than doubling before. The stock market debut is planned for November, with tech shares falling.
Some current Anthropic investors, along with others who could buy into its stock market debut, are considering a valuation of about $1.5 trillion for the company behind Claude, below the roughly $2 trillion that had been expected, Reuters reported on Thursday, October 15. The agency cites four people with knowledge of the matter. Three of them say that figure came up among investors who went to Anthropic's investor day in San Francisco on Wednesday the 14th, ahead of the share sale planned for November.
The reason, according to Reuters, is that its revenue growth has slowed. In the figures Anthropic presented to potential investors, third-quarter revenue rises 45% from the second quarter, to $16.8 billion, and the company made a profit on an adjusted basis in that quarter. In the second quarter, at $11.6 billion, revenue had more than doubled from the first. Some investors were disappointed by that slower pace.
The meeting took place at the company's headquarters. Most of those present were its leading investors, who met chief executive Dario Amodei and chief financial officer Krishna Rao. The Information had already said that investors were looking at a lower valuation.
The figures stand in contrast with last year's: according to Reuters, Anthropic's revenue grew twelvefold in 2025 to almost $4.6 billion, while the company lost more than $8 billion in operating terms, leaving aside adjustments to liabilities linked mainly to earlier funding rounds. Anthropic has committed to spend at least $518 billion over ten years on cloud services, computing and infrastructure.
Reuters adds that this caution comes amid a slide in tech stocks that has hit AI infrastructure firms, chipmakers and the providers that rent out computing capacity. On Thursday CoreWeave's shares and bonds fell sharply, amid doubts over an AI infrastructure buildout increasingly funded with debt. Other listings have also stumbled: data center operator SB Energy postponed its own last month and Holtec Nuclear dropped its plans. According to the agency, a cool reception for Anthropic could weigh on the whole AI market, whose prospects depend to a large extent on this deal and on OpenAI's possible listing next year.
Anthropic did not immediately respond to Reuters' request for comment.
Why it matters · analysis and opinion
The debate is no longer about whether Anthropic sells a lot, but about how fast it will grow from here. That a quarter of strong growth with an adjusted profit can disappoint suggests the expected price assumed a pace that is very hard to sustain. It also shows how much the AI market is watching a single deal: if the sector's first big IPO comes at a discount, other companies and their investors will take note ahead of OpenAI's. For anyone using Claude at work nothing changes right away, but the process is worth following: the final valuation will show how much room the company has to sustain its prices and its infrastructure spending.
Source: Reuters (Global Banking & Finance) · Written with the help of AI: how we make the news
