$1.5 Trillion Valuation Raises Investor Reservations About Potential Anthropic Offering
Key Facts
A $1.5 trillion valuation has sparked debate among potential Anthropic offering investors, with some saying it is at the upper end of their expectations, Reuters reported on November 5. They questioned whether the roadshow could begin the following week and the listing be completed in November. The roadshow had been expected in the week of November 9, with pricing anticipated the following week. The offering could reach $100 billion, according to some people familiar with the matter. Reuters said its success could be affected by continued pressure on the market for AI-linked assets.
The doubts leave the valuation and timeline under scrutiny as preliminary steps toward the offering approach. Investors had earlier in the year expected an October offering and a valuation of as much as $2 trillion, Reuters reported. That means the currently discussed $1.5 trillion valuation is below that earlier level, but remains high in the view of some investors. Anthropic filed its first amendment to its registration with the U.S. Securities and Exchange Commission on November 2. The company said in its official announcement that the number of shares and proposed offering price had not yet been determined, and that the registration had not become effective.
Investors are also focused on October revenue, which Anthropic left blank in an update to its registration prospectus, Reuters reported. They are waiting for the figure to see whether growth has recovered after slowing in recent months. The company reported revenue of $33.242 billion for the nine months ended September 30, 2026, compared with $2.545 billion in the same period of 2025, according to its SEC filing. Reuters reported that third-quarter revenue rose 47% from the previous quarter to $16.96 billion. Revenue growth was 144% in the second quarter, while the company said it expects its revenue growth rate to decline over time.
The revenue expansion is accompanied by rising spending on computing capacity and infrastructure. Computing and infrastructure expenses totaled $18.808 billion in the nine months ended September 30, 2026, up 329% from $4.381 billion in the same period of 2025. The number of customers generating at least $100,000 in revenue on a trailing 12-month basis also exceeded 11,900 as of September 30, 2026, compared with more than 950 as of September 30, 2025. Anthropic says it typically purchases computing capacity 12 to 18 months before it becomes available. This timing generally makes contracted capacity expenses fixed in the near term, according to the company’s filing.
Spending commitments tied to building AI infrastructure are close to $895.4 billion, Reuters reported, citing the filing. The company expects to spend about half of these commitments before December 31, 2030, with approximately $69.8 billion due in the 12 months following September 30, 2026. Anthropic warned that if some computing providers and infrastructure partners are unable to secure financing, or if the cost of that financing rises, contracted capacity could be affected. That capacity could be delayed, repriced, reduced or not delivered. These commitments add an operational dimension to investors’ deliberations over the valuation and size of the offering.
The valuation discussions came on a day of broad declines in U.S. stocks. The S&P 500 fell 4.4% in the November 5, 2026 session, and the Nasdaq Composite dropped 5.5%. The Dow Jones Industrial Average fell 1,833.06 points, or 3.4%, in the same session. The Associated Press said shares of companies involved in building AI data centers led the selloff. Reuters expected the roadshow to begin in the week of November 9, with pricing the following week, while the proposed share offering remained ineffective and its price range had not yet been set.