Summary Anthropic investors are considering reducing its IPO valuation to $1.5 trillion from $2 trillion amid concerns over rising infrastructure costs. Anthropic reported $16.8 billion in qu
Anthropic investors are considering a $1.5 trillion valuation for its planned November IPO amid concerns about slowing revenue growth and infrastructure costs. The proposed figure represents a 25% reduction from earlier expectations of $2 trillion, despite the company’s strong quarterly earnings.
According to Reuters, investors attending Wednesday’s investor day discussed the lower valuation while reviewing Anthropic’s financial performance and spending commitments. The discussions involved existing investors and prospective shareholders assessing the company’s prospects before its anticipated public listing.
Anthropic reported third-quarter revenue of $16.8 billion, representing a 45% increase from the previous quarter’s $11.6 billion. The company also recorded an adjusted profit, demonstrating improved financial performance despite substantial investments in artificial intelligence infrastructure.
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Anthropic generated $4.7 billion in first-quarter revenue before reaching $11.6 billion during the second quarter. This represented approximately 147% growth, significantly exceeding the 45% increase recorded during the third quarter.
The slowdown has become a key consideration for investors assessing the company’s proposed public offering. Demand for Claude AI models and enterprise applications has supported revenue expansion, but infrastructure spending remains substantial.
Reuters reported that Anthropic has committed at least $518 billion toward cloud services, computing infrastructure, and other AI investments. These financial commitments extend over the next decade and represent a major obligation for the company.
Additionally, Anthropic’s previous financial results highlight the costs associated with developing and operating advanced artificial intelligence systems. The company generated approximately $4.6 billion in revenue during 2025 while recording operating losses exceeding $8 billion.
Those losses excluded certain accounting adjustments, while the latest quarterly results showed improved profitability on an adjusted basis. Investors are weighing these improvements against Anthropic’s long-term spending requirements and slower quarterly revenue growth.
Concerns surrounding AI infrastructure financing have also affected other technology companies preparing for public market investment. Shares and bonds of Nvidia-backed cloud infrastructure provider CoreWeave declined Thursday as investors examined growing debt exposure across the industry. Meanwhile, data center developer SB Energy delayed its planned September IPO amid challenging market conditions.
Nuclear technology company Holtec Nuclear also withdrew its listing plans, reflecting broader difficulties facing infrastructure-related public offerings. These developments have increased investor scrutiny of companies committing substantial capital to computing capacity before generating sufficient returns.
Anthropic’s planned November IPO could provide an important measure of investor demand for rapidly expanding artificial intelligence businesses. Rival OpenAI is also preparing for a potential public listing next year.
The proposed $1.5 trillion valuation remains under discussion, and investors have not agreed on the company’s final pricing. Anthropic’s eventual IPO valuation will depend on investor demand, financial performance, and broader market conditions surrounding artificial intelligence infrastructure spending.
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