Anthropic investors discuss $1.5 trillion IPO valuation

Some current and prospective investors in Anthropic are discussing an IPO valuation of about $1.5 trillion, below the roughly $2 trillion they had previously expected for the company’s planned November share sale, according to four people familiar with the discussions. The reported figure emerged at Anthropic’s investor day in San Francisco on October 14, where some attendees discussed a lower valuation after hearing the company’s latest financial disclosures. The $1.5 trillion amount is an investor expectation, not a formal IPO price or a completed share sale. Anthropic did not immediately respond to a request for comment. Anthropic told prospective investors that third-quarter revenue rose 45% from the previous quarter to $16.8 billion and that it was profitable on an adjusted basis during the quarter. Some investors were nevertheless disappointed by the slower sequential growth rate. Revenue had more than doubled from the first quarter to $11.6 billion in the second quarter, according to people familiar with the discussions. The revenue figures and adjusted-profitability measure were presented by Anthropic to prospective IPO investors. The company’s September prospectus...