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

Investors have tempered their expectations for Anthropic's upcoming IPO valuation, citing a slowdown in revenue growth, according to sources familiar with the matter. Some investors are now considering a valuation around $1.5 trillion, down from the previously expected $2 trillion. At a recent investor day in San Francisco, Anthropic disclosed that its third-quarter revenue grew by 45% to $16.8 billion, and the company was profitable on an adjusted basis during the quarter.

However, this growth rate was lower than the more than doubling seen from the first to the second quarter. While these figures alleviated some concerns about the costs of developing AI, investors were disappointed by the slowdown in sequential growth. The IPO could impact the AI market, as its success is crucial for the broader AI sector and OpenAI's potential listing.

The tech selloff is affecting global financial markets and AI infrastructure companies, chipmakers, and neocloud providers. A disappointing Anthropic share sale could intensify investor worries about the AI buildout, which is increasingly financed through debt.