Exclusive-Investors temper Anthropic IPO valuation expectations over revenue growth slowdown, sources say

Recent financial disclosures have led some current and prospective investors in Anthropic's upcoming initial public offering to consider a lower valuation for the AI company, according to four individuals familiar with the matter. Investor expectations have dropped from an estimated $2 trillion to around $1.5 trillion for the November share sale, a significant shift from previous projections.

During an investor day meeting in San Francisco, Anthropic disclosed that its third-quarter revenue grew by 45% to $16.8 billion and that the company was profitable on an adjusted basis for the quarter. However, investors expressed disappointment in the slowing sequential growth rate, as Anthropic's revenue had more than doubled from the first quarter to $11.6 billion in the second quarter.

While the revenue growth and profitability are promising, the investor concern stems from the slowing sequential growth and the overall cost of financing AI systems.