Anthropic IPO Valuation Talk Falls to $1.5 Trillion as Growth Slows

Some current and prospective Anthropic investors are discussing a valuation near $1.5 trillion for the AI developer's planned November share sale, Reuters reported, down from earlier expectations around $2 trillion. The figure is not a company-set price and the offering terms can still change.

The debate follows a sharp slowdown in sequential growth. Anthropic told prospective investors that third-quarter revenue rose about 45% from the second quarter, Reuters reported. That is still rapid growth, but investors are comparing it with a much faster increase in the previous quarter. At a valuation measured in trillions of dollars, even a strong business must sustain exceptional growth to justify the multiple.

Losses and capital needs are the other side of the equation. Reuters reported that Anthropic generated nearly $4.6 billion of revenue in 2025 while posting an operating loss of more than $8 billion, excluding certain liability writedowns. Its prospectus also described a much larger net loss after those accounting effects. Investors therefore need to separate operating economics from fair-value and financing items.

Amazon and Alphabet are exposed in several ways. Both are investors in Anthropic, both supply cloud infrastructure, and both compete with the company through their own AI models. A lower IPO price could reduce future mark-to-market gains, but it would not automatically cancel cloud commitments or reveal the carrying value of either stake, which the companies do not disclose.

The November pricing will be the decisive evidence. Investors should focus on the final valuation, primary capital raised, share lockups and the pace at which cloud spending converts into revenue for Amazon Web Services and Google Cloud. Until those terms are public, the $1.5 trillion figure is a negotiation signal, not an established market value.