On Wednesday, October 14, Anthropic disclosed new financial figures at an investor day in San Francisco ahead of its planned initial public offering (IPO) in November. According to Reuters, citing four people familiar with the matter, current and prospective investors attending the event discussed valuing the company at roughly $1.5 trillion instead of the previously expected $2 trillion — a significant cut for the upcoming listing. The question of a lower valuation reportedly came to the fore after the company's latest financial disclosures.
Investor Day: New Numbers, Lower Valuation
The investor day was Anthropic's in-person meeting with prospective IPO participants — the venue where the company revealed key financial data ahead of the listing. At the event, Anthropic said third-quarter revenue grew 45% quarter-on-quarter to $16.8 billion. The company also noted that it was profitable on an adjusted basis. At the same time, the growth rate slowed compared with the second quarter's $11.6 billion figure — the very factor prompting some investors to revisit the valuation.
Reuters reported that attendees discussed a figure of around $1.5 trillion for the company's value, markedly below the previously estimated $2 trillion for the November listing.
"Investors who attended the investor day discussed valuing the company at roughly $1.5 trillion — significantly below the $2 trillion previously estimated for the expected November listing," Reuters wrote.
The agency wrote that the lower valuation is being considered by both existing investors and prospective investors planning to take part in the IPO. Four people familiar with the matter said the valuation debate intensified after the company published its financial disclosures. In other words, the disclosed numbers themselves triggered the markdown: revenue is growing, but the slowdown in its growth rate diverged from investors' expectations.
Quarterly Figures: Growth Continues, Pace Slows
The sequence of numbers is as follows: the company posted $11.6 billion in revenue in the second quarter and $16.8 billion in the third — a 45% increase. The company said it was profitable on an adjusted basis, but the sequential growth rate declined versus the prior period. These are the key financial figures the company presented to investors ahead of the listing. Investor attention is focused precisely on this slowdown: revenue keeps growing in absolute terms, but the expected pre-listing pace of growth has not held.
The same question sits at the heart of the valuation debate — whether the growth slowdown is temporary or the new normal, which the disclosed figures did not fully answer. According to Reuters' sources, it is this uncertainty that is pushing some investors to value the company below earlier expectations.
Chip Deal With Blackstone
The company is expanding the computing capacity needed to train and run artificial intelligence models with borrowed money. On Friday, October 17, the Financial Times reported that Anthropic is offering Blackstone funds a yield above 10% to finance its latest chip deal. According to the outlet, Blackstone is set to provide $9 billion in debt capital, with the debt backed by Anthropic's five-year chip lease payments.
The deal is structured as follows: the debt is secured against the company's five-year chip lease obligations, while Blackstone funds receive a yield above 10% in return. It is the company's latest big step toward financing infrastructure costs through debt. Reuters said it could not independently confirm the report — meaning the deal details currently rest only on the Financial Times' sources.
Preparing for the Listing
Anthropic's preparations for going public have been underway for months: the company previously drew attention with a roadshow planned for November 9 and an expected valuation of around $2 trillion (previous article on the site). The new disclosures at the investor day renewed the valuation debate: despite strong revenue growth, the slowdown in its pace has deepened investor caution.
The share listing is expected in November, and as part of the preparations the company is continuing its meetings with investors. For Uzbek developers and companies using Claude models, this listing will be the biggest collective measure of market confidence in Anthropic.
The chronology is as follows: the investor day took place on Wednesday, October 14; on Thursday, October 15, Reuters wrote about the valuation discussion; and on Saturday, October 17, the Financial Times revealed the details of the Blackstone deal. All three stories show attention on the company intensifying ahead of the November listing.
