🇺🇸Some Anthropic investors are considering an approximately $1.5 trillion IPO valuation, versus earlier expectations near $2 trillion.

Some existing and prospective investors discussed valuing Anthropic at approximately $1.5 trillion after its Wednesday investor day in San Francisco. The reports attribute these discussions to people familiar with the matter; they do not establish an agreed initial public offering (IPO) valuation or an offering price.

Anthropic reportedly told prospective investors that third-quarter revenue reached $16.8 billion, up 45% from the previous quarter, and that it achieved profitability on an adjusted basis. Second-quarter revenue had been $11.6 billion, more than double the first-quarter level.

The reported investor concern concerned slower sequential revenue growth despite the higher absolute revenue figure. The sources do not provide the adjustments underlying the profitability statement, so it should not be treated as confirmation of unadjusted net income.

Separate reporting cited a possible launch of IPO marketing as early as the week of November 9, with trading potentially beginning before Thanksgiving and a listing expected by year-end. These remain reported timing expectations; the supplied material contains no offering filing, final share count, proceeds target, or dilution terms.