Anthropic's IPO valuation under scrutiny as revenue growth slows
Anthropic told investors its third-quarter revenue rose 45% to about $17 billion, while a New York City pension official asked it to delay its planned offering.
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What happened
Anthropic, an artificial intelligence company, is preparing a November initial public offering that could value it at $2 trillion. Its third-quarter disclosures showed revenue of $16.8 billion and an adjusted profit, but growth slowed from 145% to 45%. Some investors now float a valuation near $1.5 trillion, and New York City Comptroller Mark Levine has urged the company to pause its IPO until concerns about safety and governance are addressed.
Why it matters
Investors are debating whether the company's slowing growth justifies its valuation target. Levine says the company should address safety, governance and the pace of development before going public.
Timeline
- Oct 15, 8:08 AM ET: New York City Comptroller Mark Levine wrote to Anthropic CEO Dario Amodei urging the company to delay its U.S. IPO over safety, governance and development-pace concerns.
- Oct 15, 5:04 PM ET: Some investors began floating a roughly $1.5 trillion valuation instead of $2 trillion after the new disclosures.
- Oct 16, 2:09 AM ET: Anthropic investors continued to discuss a $1.5 trillion valuation, about $500 billion below prior expectations, as growth slows and AI costs rise.
Coverage
- Anthropic’s $500 Billion Reality Check: When the AI Growth Curve Meets the Cost of Capital (Stephen Innes 🇨🇦 🇹🇭)
- Anthropic IPO Valuation Expectations Begin to Cool (https://www.facebook.com/ceotodaymag)
- Anthropic investors discuss $1.5T valuation, $500B below prior expectations (seekingalpha.com)
- Anthropic Stands Alone as Rest of IPO Market Slows to a Crawl (insurancejournal.com)
- Anthropic’s $2 Trillion IPO Dream Meets a $1.5 Trillion Reality Check (BeInCrypto)
- OpenAI's 2026 Revenue Estimate Just Got Cut by $20 Billion. Anthropic's Quarterly Revenue Just Climbed to $16.8 Billion. (fool.com)
- Did Anthropic Miss Its Peak IPO Moment? (theinformation.com)
- Anthropic’s IPO Math Looks Different After New Disclosures (finimize.com)
- Anthropic Wants a $2T IPO on Cooling Growth (Yahoo News)
- Anthropic Reveals a Major Surprise Ahead of Its IPO (TradingView)
- Anthropic revenues figures draw cries of 'it's over' from AI doomers (Samuel O'Brient)
- Claude maker Anthropic reports quarterly profitability ahead of IPO (News.az)
- Anthropic Says It Turned an Adjusted Profit Ahead of Its Expected IPO (Omor Ibne Ehsan)
- NYC Comptroller Levine urges Anthropic to pause US IPO (Reuters)
- Anthropic told investors it earned an adjusted profit on $16.8 billion in revenue (qz.com)
- Anthropic Revenue Surges 45% Ahead of Looming IPO (newser.com)
- Anthropic brings Wall Street an AI bull case (Axios)
- Update: Market Chatter: Anthropic Revenue Hits $16.8 Billion in Q3, AI-Modeler Cash Flow Positive (Yahoo News)
- Dealroom.co | Anthropic posts $16.8B quarter, flags profit ahead of $2T IPO (app.dealroom.co)
- Anthropic and Musk pledge shares as AI firms race for funding
- Investors question Anthropic's hidden power structure before IPO
- Anthropic and Musk pledge billions in shares as OpenAI races for funds
- Anthropic sets aside a slice of equity; Musk pledges shares too
- Anthropic posts $16.8 billion quarter ahead of IPO
- Anthropic's IPO push puts underwriting fees in spotlight
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