Anthropic investors consider lowering IPO valuation to $1.5 trillion as AI spending concerns grow

Some Anthropic investors and prospective shareholders are considering a lower valuation for the AI company ahead of its planned November initial public offering, amid concerns about slowing revenue growth and rising infrastructure costs.

Investors who attended Anthropic’s investor day on Wednesday discussed a valuation of approximately $1.5 trillion, down from earlier expectations of $2 trillion, according to Reuters, citing people familiar with the discussions.

The revised expectations follow Anthropic’s latest financial disclosures, which showed third quarter revenue rising 45% to $16.8 billion from $11.6 billion in the previous quarter.

Although the company reported an adjusted profit for the quarter, some investors were disappointed by the slowdown in revenue growth compared with earlier this year.

Anthropic revenue growth slows ahead of November IPO

Anthropic’s revenue has expanded rapidly throughout 2026, driven by growing demand for its Claude AI models and enterprise applications.

Revenue climbed from $4.7 billion in the first quarter to $11.6 billion in the second, representing growth of approximately 147%. However, that pace slowed to 45% in the third quarter.

The company also reported adjusted profitability during the latest quarter, offering investors some reassurance about its ability to manage the high costs of developing advanced AI systems.

Still, Anthropic faces substantial spending commitments. According to Reuters, the company has committed at least $518 billion over the next decade to cloud services, computing infrastructure and other AI investments.

In 2025, Anthropic generated approximately $4.6 billion in revenue while recording more than $8 billion in operating losses, excluding certain accounting adjustments.

Its IPO, expected in November, could become a major test of investor appetite for AI companies pursuing rapid expansion despite enormous infrastructure costs.

AI infrastructure debt concerns weigh on investor sentiment

The valuation discussions come amid a broader technology selloff as investors increasingly scrutinize the financing behind the AI infrastructure boom.

Shares and bonds of Nvidia backed cloud infrastructure provider CoreWeave declined Thursday, reflecting concerns about the industry’s growing reliance on borrowed money.

Meanwhile, several infrastructure companies have encountered difficulties bringing their shares to public markets.

Data center developer SB Energy delayed its planned IPO in September, while nuclear technology company Holtec Nuclear withdrew its listing plans.

The pressure reflects growing concerns about whether revenue from AI services can justify the billions of dollars being invested in computing capacity.

Anthropic’s public debut could therefore influence sentiment across the sector, particularly as rival OpenAI prepares for a potential listing next year.

However, the $1.5 trillion figure remains under discussion rather than an agreed valuation. The final price will depend on investor demand and market conditions as Anthropic approaches its planned share sale.