Anthropic is preparing for a potential IPO as investors take a more cautious view of its valuation. Expectations have fallen from $2 trillion to $1.5 trillion, following a Nov. 5 selloff in which the Nasdaq dropped 5.5% and Nvidia lost more than 9%. The shift puts renewed focus on whether AI companies can sustain rapid growth while covering the cost of computing capacity and other infrastructure.
The pullback reflects concerns about heavy AI infrastructure spending and tighter regulation. Anthropic’s eventual IPO pricing will test whether investors are still willing to pay a substantial premium for the sector’s growth prospects.
Revenue is growing, but momentum and profitability have weakened
Anthropic, the developer of Claude, generated $33.2 billion in revenue in the first nine months of 2026, about 13 times the figure for the same period a year earlier. But BloFin Research said quarterly revenue growth slowed from 144% to 47%. Over the same period, the company moved from an operating profit of $974 million to an operating loss of $567 million.
The figures point to a fast-growing business, but one facing slower growth and pressure on profitability. Investors considering an IPO will need to assess whether revenue can continue to expand and eventually cover the company’s substantial operating and infrastructure costs.
Nearly $895 billion in commitments put costs in focus
Anthropic has committed nearly $895 billion to computing capacity and infrastructure agreements over time. BloFin Research estimates that at least $269 billion of that amount relates to computing services from major cloud providers. Amazon, Google and Microsoft supply significant computing infrastructure to Anthropic, while Nvidia stands to benefit from broader AI demand. Shifts in confidence around AI computing spending could therefore have implications beyond Anthropic itself.
The commitments also raise questions about future costs and funding needs as investors assess the company’s valuation. If revenue falls short of expectations, the scale of the infrastructure arrangements could make it harder to improve profitability. The available information does not specify the payment schedule or all the terms of the contracts.
IPO pricing and revenue targets remain untested
The $1.5 trillion valuation currently under discussion is below the earlier $2 trillion expectation. Potential investors are said to be discussing a range of $1.2 trillion to $1.3 trillion, with some considering $1.1 trillion. The spread in estimates underscores that pricing remains a central question ahead of a listing.
At a $1.5 trillion valuation, annualizing the latest quarterly revenue would imply a price-to-sales ratio of about 22 times. BloFin Research said that valuation depends on investors believing Anthropic can sustain growth and gradually improve operating margins. The company expects annual revenue to reach $190 billion to $200 billion by 2028. Meeting that target could ease pressure on the current valuation, but the projected revenue has yet to be realized.
IPO will test how investors price AI growth
Ahead of a potential listing, investors are weighing whether revenue growth can support a high valuation, whether profits can catch up with computing costs, and whether the offer price reflects a more cautious market view of AI infrastructure spending. The Nov. 5 declines in the Nasdaq and Nvidia showed how sensitive technology stocks are to those concerns.
Anthropic’s IPO could become a reference point for Wall Street’s valuation of the AI boom. The figures in focus are $33.2 billion in revenue for the first nine months, quarterly growth slowing to 47%, a shift to an operating loss and nearly $895 billion in infrastructure commitments. Final pricing and the company’s ability to meet its growth targets remain unresolved.