Anthropic’s IPO valuation drops to $1.5 trillion amid growth concerns

Investors in Anthropic, the developer of AI assistant Claude, are now discussing a $1.5 trillion valuation for the company’s initial public offering, according to a Reuters report published on Thursday, 15. The previous estimate was around $2 trillion, a difference of $500 billion, or 25% less.

The revision reflects shareholders’ concerns about a slowdown in revenue growth. Reuters consulted four sources close to the process, three of whom mentioned the new figure. The company declined to comment.

Third-quarter revenue was reported as $16.8 billion during an investor meeting in San Francisco on Wednesday, 14. This exceeded the $11.6 billion recorded in the second quarter and the $4.7 billion in the first quarter. Revenue growth from the first to the second quarter was approximately 147%, while growth in the following quarter was around 45%.

Why 45% growth wasn’t enough

Although revenue continued to rise, the pace of growth slowed. The company also reported adjusted profits for the third quarter, a metric that excludes specific items and does not necessarily equate to accounting net profit.

Value assigned in a private round

In May, Anthropic completed a $65 billion funding round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The transaction valued the company at $965 billion post-investment. This figure refers to a private transaction and not to the expected price of the initial public offering (IPO), whose final value will depend on the price and number of shares issued.

During the May round, the company reported annualized revenue of over $47 billion, a projection based on the sales rate during that period rather than actual revenue over a full year.

Infrastructure commitments weigh heavily on the balance sheet

The debate over the company’s valuation comes at a time when Anthropic is taking on long-term commitments to expand its computing capacity. According to Reuters, at least $518 billion in spending on cloud, processing, and infrastructure is expected over the next decade.

These future commitments make it crucial not only to increase sales but also to balance operating costs with the prices charged to customers.

Frequently Asked Questions

What is Anthropic? It is the company behind Claude, providing artificial intelligence tools for individuals and organizations.

Did Anthropic lose $500 billion? There was no confirmed loss on the stock exchange. The amount represents the difference between two valuation projections for the public offering.

What was the third-quarter revenue? The company reported $16.8 billion to investors, with growth of about 45% compared to the previous quarter.

Does the company already have net profit? The reported result is adjusted and excludes certain items, and does not necessarily represent accounting net profit.

What does annualized revenue mean? It is a projection of the sales rate extrapolated over 12 months, not equivalent to total revenue over a year.

What was the value of the May round? Anthropic raised $65 billion and was valued at $965 billion after the investment.