Anthropic IPO Valuation in Doubt as Growth Slows

Anthropic’s IPO valuation is under pressure as investors weigh slowing revenue growth against ambitious expectations. The Claude developer reported third-quarter revenue of $16.8 billion, up 45% from $11.6 billion in the second quarter; revenue had risen from about $4.7 billion in the first quarter, representing roughly 147% sequential growth into Q2. The company also reported adjusted profitability. Some investors have discussed a valuation near $1.5 trillion, below the previously anticipated $2 trillion. At those valuations, the implied multiples of annualised Q3 revenue are about 22.3 and 29.8 respectively. Prediction-market pricing reportedly points to increased odds of an IPO closing market capitalisation below $1.25 trillion. Anthropic was valued at $965 billion in a May funding round. The figures are not an official IPO price, and the company has not finalised its valuation. Investors are also assessing the costs of developing and running AI models, including major chip, cloud and computing commitments. Further signals may come from an S-1 filing, regulatory feedback, underwriter guidance and secondary-market pricing ahead of the planned November listing. The Anthropic IPO valuation could test public-market appetite for AI companies and influence sentiment across technology stocks; any effect on crypto would likely be indirect and sentiment-driven.