Anthropic IPO Valuation Talk Slips to About $1.5 Trillion as Investors Flag Slower Growth

SentiSense · Published Oct 15, 2026, 5:36 PM ET · Updated Oct 16, 2026, 6:38 PM ET

Some Anthropic investors discussed a valuation of around $1.5 trillion for its planned November IPO, down from the roughly $2 trillion previously floated, Reuters reported, after sequential revenue growth slowed to 45% in Q3 ($16.8B) from more than doubling in Q2. The discussion figure is not a set price range, but it lowers the bar for the year's biggest AI listing.

Some current and prospective Anthropic investors discussed a valuation of around $1.5 trillion for the AI company's planned November IPO, down from the roughly $2 trillion that the company and investors had previously floated, Reuters reported Thursday, citing people familiar with the matter. The figure came out of an investor day in San Francisco on Wednesday. None of the investors were named, and the report describes a figure discussed by investors rather than a price range set by the company or its underwriters.

The trigger was the shape of Anthropic's growth rather than its size. Third-quarter revenue jumped 45% from the prior quarter to $16.8 billion and the company was profitable on an adjusted basis, but some investors were disappointed that sequential growth slowed after revenue more than doubled to $11.6 billion in the second quarter. For context, Anthropic's 2025 revenue rose about twelvefold to nearly $4.6 billion, and Reuters reported that the company has committed to spend at least $518 billion over a decade on cloud services, computing and infrastructure.

The repricing matters beyond Anthropic. A commentary republished by Yahoo Finance framed it as a "$1.5 trillion reality check" arriving amid a broader selloff in AI stocks, and 24/7 Wall St. noted that a lower valuation would shrink the paper gains that have lifted reported earnings at investors AMZN and GOOGL. Reuters also noted that Anthropic's debut is expected to precede an OpenAI listing next year, so the reception could shape appetite for the next AI mega-IPO.

What to watch: whether Anthropic sets a public price range near the $1.5 trillion figure, whether the November timetable holds, and how much of the recent AI-sector selloff is already reflected in investor expectations.

Timeline

UPDATE · Oct 16, 6:38 PM ET

Credit rating disclosed. The Financial Times reported this week, citing documents it had seen, that credit rater KBRA assigned Anthropic an issuer rating of BB+, one notch below investment grade, in June 2026. The rating was tied to the $35 billion financing that Apollo and Blackstone arranged in June to fund the Google TPUs Anthropic leases, most of which carried a guarantee from AVGO. It had not been made public before. KBRA and Anthropic declined to comment, per the FT. The disclosure matters for the IPO because Anthropic's buildout leans heavily on debt: Bloomberg reported on Oct. 2 that banks are assembling a further roughly $60 billion chip-financing package, and Reuters reported on Oct. 1 that Broadcom agreed to lend Anthropic up to $42 billion through convertible notes to fund TPU leases.