Anthropic faces lowered valuation expectations amid slower revenue growth

Investors are reconsidering their valuation expectations for Anthropic ahead of its IPO, according to four sources. The company’s recent financial results, including a third-quarter revenue of $16.8 billion, have sparked mixed reactions. While the performance eased concerns about high AI development costs, the slower growth rate compared to previous quarters has disappointed some. The sources noted that during an investor event in San Francisco, discussions about a $1.5 trillion valuation took place, down from earlier projections of $2 trillion for an November IPO. Meanwhile, the broader AI market faces pressure amid a tech stock sell-off, with companies like CoreWeave seeing sharp declines in stock and bond prices. Anthropic disclosed that its 2025 revenue reached approximately $46 billion, but after accounting for liabilities, it still reported an operating loss exceeding $80 billion. The company also outlined a significant $420 billion loss for 2025 and warned of further investment needs for AI infrastructure. These figures come as the company aims to position AI as a transformative force, comparable to past technological revolutions.