Anthropic Investors Temper November IPO Valuation Expectations to $1.5 Trillion

Investors are weighing a moderated $1.5 trillion valuation for Anthropic's planned November initial public offering, down from prior expectations of roughly $2 trillion. The adjustment followed discussions at the startup's San Francisco investor day after third-quarter revenue growth decelerated to 45% sequentially, reaching $16.8 billion compared to over 100% in the second quarter. The lower expected valuation will temper paper gains for strategic backers Amazon and Alphabet, though Anthropic maintains at least $518 billion in binding cloud and computing commitments over a decade across AWS and Google Cloud.