Anthropic Valuation: Why Investors Want 1.5 Trillion USD Ahead of the IPO
The Anthropic valuation for the IPO may come in well below the 2 trillion USD discussed earlier. On 2 November 2026 The Wall Street Journal reported that large institutional investors are pushing for 1.5 to 1.6 trillion USD. Demand for artificial intelligence stays strong, and funds are growing more careful about the price because revenue growth is slowing and the cost of computing capacity is huge.
TL;DR
- Investors want the Anthropic valuation cut from 2 trillion USD to 1.5 to 1.6 trillion USD.
- Even at 1.5 trillion USD the company would be valued at about 42.5 times its revenue over the past 12 months.
- A lower IPO price could widen demand, bring in more investors and leave the shares room to rise after the listing.
Last updated: 4 November 2026
This post covers why funds want a lower price, what the Q3 2026 figures say about the valuation, why Anthropic may accept the cut and what comes next. For the full picture of the listing and its risks, see our Anthropic IPO guide.
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Why Investors Want a Lower Anthropic Valuation
The first signs of resistance to a high price appeared on 15 October. Reuters reported then that after meeting the company's management some investors began to discuss a value of about 1.5 trillion USD in place of the expected 2 trillion USD.
The main reason is slower revenue growth. According to Anthropic's financial statements, revenue rose 144% on the previous quarter in Q2 2026 and 47% in Q3. Growth at this pace is still exceptional, and investors are asking how long the company can keep it up.
Against this background, large funds are asking for a more attractive offer price. A cut from 2 to 1.5 trillion USD takes about 500 billion USD, or 25%, off Anthropic's expected value before trading starts.
Even at 1.5 trillion USD Anthropic would be worth 55% more than after its May funding round, when the company raised 65 billion USD at a valuation of 965 billion USD.
Why a 2 Trillion USD Valuation Raises Doubts
The filing published on 2 November makes it possible to measure the company's value against its revenue more precisely.
| Price-to-sales ratio | 1.5 trillion USD | 1.6 trillion USD | 2.0 trillion USD |
|---|---|---|---|
| Q3 2026 revenue × 4 | 22.1 | 23.6 | 29.5 |
| Revenue over the past 12 months | 42.5 | 45.3 | 56.7 |
Q3 2026 revenue 16.96 billion USD, revenue over the 12 months to 30 September 2026 about 35.28 billion USD. Source: Anthropic Form S-1/A, 2 November 2026, RoboForex calculations.
Even at 1.5 trillion USD the shares stay expensive measured against actual revenue for the past year. Three things worry investors:
- Slower growth. In Q2 2026 revenue rose 144% on the previous quarter, and in Q3 about 47%. Growth is still exceptionally fast, and the market is starting to ask how long it can last.
- The operating loss is back. Anthropic posted an operating loss of 567 million USD in Q3 after an operating profit of 974 million USD in Q2. Adjusted operating income reached 2.46 billion USD in Q3, so the core business looks much stronger than its GAAP result, and the rising cost of computing remains a problem.
- Future spending. In the updated prospectus Anthropic disclosed contractual commitments of 895.4 billion USD in total, mostly for computing infrastructure. About 447.5 billion USD of that is expected to be spent by the end of 2030. Some agreements have termination terms, so the full amount does not count as unconditional debt.
This creates a tension. Demand for Claude is growing fast, and to meet it Anthropic has to keep raising its spending. If revenue growth keeps slowing, even a 1.5 trillion USD valuation will become much harder to justify. Our post on Anthropic compute commitments covers these contracts in detail.
Why Anthropic May Agree to a Lower Valuation
A high valuation suits Anthropic itself: the company raises more capital while selling a smaller stake. Institutional investors want to buy at a lower price that leaves them more room for the shares to grow.
Goldman Sachs and Morgan Stanley, the lead underwriters, have to balance the interests of the company and of potential buyers. Their task is to place the shares and to secure enough demand to keep the price from falling sharply once trading begins.
According to The Wall Street Journal, some investors expect Anthropic shares to rise strongly after the listing if the starting valuation is attractive enough.
A lower IPO price could therefore work in Anthropic's favour as well. A more moderate valuation can bring in more buyers, lift demand for the shares and improve the chances of a successful debut.
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What Could Happen Next
According to The Wall Street Journal, Anthropic plans to start road show meetings with investors in the week of 9 November, and the debut is tentatively set for the week before the US Thanksgiving holiday, which falls on 26 November.
As of 4 November the updated S-1/A still gives no price range per share and no number of shares on offer. The final IPO terms are still being negotiated.
What happens next depends on demand from large investors. Anthropic can accept a valuation of 1.5 to 1.6 trillion USD, try to hold out for a higher price or change the size of the offering.
Conclusion
The pressure from institutional investors shows that funds are setting limits on the price even for the most sought-after AI companies. Anthropic's business is growing fast, and investors are weighing its future profits more closely against the risks of huge spending on computing infrastructure.
A 25% cut in the valuation would still leave Anthropic shares expensive. A more moderate IPO price could lift demand, bring in new investors and give the shares room to rise after the listing.
FAQ
What is Anthropic's valuation?
After its Series H round in May 2026 Anthropic was valued at 965 billion USD. For the IPO, 2 trillion USD was discussed earlier, and on 2 November 2026 The Wall Street Journal reported that large investors are pushing for 1.5 to 1.6 trillion USD. The final valuation depends on the price range, which the filings do not give yet.
Why do investors want a lower Anthropic valuation?
Revenue growth slowed from 144% on the previous quarter in Q2 2026 to about 47% in Q3, Q3 ended in an operating loss of 567 million USD, and the company has committed about 895.4 billion USD to computing and infrastructure. At 2 trillion USD the price would equal about 56.7 times revenue over the past 12 months.
When is the Anthropic IPO?
No date is set in the filings. The Wall Street Journal reports that road show meetings start in the week of 9 November 2026 and the debut is tentatively planned for the week before Thanksgiving. Anthropic plans to list on Nasdaq under the ticker ANT.
- Anthropic IPO: What the S-1 Shows and Should You Buy ANT Stock?: the listing, valuation scenarios and lessons from past IPOs.
- Anthropic Compute: What a Nearly 900 Billion USD Bet Means for the IPO: the infrastructure contracts behind the cost worries.
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