Anthropic's IPO Valuation Expectations Decrease to $1.5 Trillion

Anthropic, the AI lab known for its Claude model family, has seen its expected valuation for an upcoming initial public offering (IPO) decrease from $2 trillion to approximately $1.5 trillion. This adjustment is attributed to a combination of slowing revenue growth and increasing operational costs, which have dampened investor enthusiasm.

The company’s last private valuation was set at $965 billion following its Series H funding round earlier this year. The revised expectations come in light of a more cautious market sentiment, rather than a formal filing for the IPO, which is still pending.

In 2025, Anthropic reportedly generated $4.6 billion in revenue, marking a significant 12-fold increase, but also faced an operating loss of $8.06 billion and a net loss of approximately $42 billion, largely due to non-cash accounting adjustments. Recent reports indicate that in Q3 2026, Anthropic's revenue rose to $16.8 billion, a 45% increase from the previous quarter, with gross margins reaching 85%.

Despite the downward revision in valuation expectations, the market remains attentive to Anthropic’s strategic moves and future revenue disclosures. Investors are particularly focused on the company’s $518 billion long-term commitments to cloud and compute infrastructure, questioning whether future revenue will be sufficient to cover these obligations.

As Anthropic prepares for its public debut, key metrics to watch include quarterly revenue growth and the stability of gross margins. Additionally, the timing of the IPO, anticipated for November 2026, will be influenced by the outcomes of the U.S. midterm elections, which could affect market sentiment.