Is $1.5 Trillion Too Much for Anthropic? Some IPO Investors Think So

Potential investors reportedly doubt that Anthropic, a frontier AI lab, can begin its initial public offering roadshow in time for a November listing and want a lower price before committing, with the discussed $1.5 trillion valuation seen as too high; one investor suggested a level nearer $1 trillion. The roadshow, a series of meetings before pricing, had been expected in the week of November 9. Anthropic’s updated S-1 registration statement left October revenue blank, while third-quarter revenue growth slowed to 46.7% from 144.2% in the prior quarter. The company held $146.6 billion in cash on September 30, giving it room to delay or shrink the deal as executives and advisers review the IPO.