EL7.AI
StocksMediumUpdated×2•Originally published 6 November 2026•Updated 7 November 2026•
4 min read

Investors question Anthropic’s $1.5 trillion valuation ahead of IPO

Key Facts

1Some investors view Anthropic’s $1.5 trillion valuation as being at the high end of expectations.
2Anthropic generated $33.2 billion in revenue in the nine months ended September 30, 2026, compared with $2.5 billion a year earlier.
3Committed spending on computing and infrastructure totaled about $895.4 billion.
4The company had $146.6 billion in available liquidity as of September 30, 2026, before offering proceeds.

Anthropic’s $1.5 trillion valuation is drawing reservations from potential investors as the company prepares to go public, according to a Reuters report published on November 5. Some investors view the proposed valuation as at the high end of their expectations and are pushing for a more attractive price before committing to the offering, the report said. The roadshow was expected to begin in the week starting November 9, with pricing to follow the next week. Reuters reported that the company could delay the offering if AI-related assets remain under pressure. Some participants estimated that the offering could reach $100 billion.

The $1.5 trillion level marks a step down from earlier investor expectations of a valuation near $2 trillion for the planned November share sale. Some participants discussed a valuation of about $1.5 trillion at the company’s investor day in San Francisco on October 15, Reuters reported, citing people familiar with the matter. Reuters said those discussions partly reflected the sharpest technology stock selloff in a year, alongside geopolitical uncertainty. Investors were waiting for the October revenue figure, which remained blank in the revised version of the registration filing, the report said. Anthropic did not comment on the report, according to Reuters.

Registration filing data show a sharp acceleration in the company’s revenue in the nine months ended September 30, 2026, to $33.2 billion from $2.5 billion in the same period a year earlier. Anthropic attributed the growth to successive model and product releases that increased usage, expansion and broader adoption. Revenue reached $16.96 billion in the third quarter, up 47% from the previous quarter, according to Reuters. But quarterly growth slowed from 144% in the second quarter. The company also had more than 11,900 customers each generating at least $100,000 in revenue on a trailing 12-month basis through September 30, 2026, up from more than 950 a year earlier.

Operating performance indicators varied by period and measurement method. Anthropic reported adjusted operating income of $4.1 billion for the nine months ended September 30, 2026, compared with an adjusted operating loss of $3.1 billion in the same period a year earlier. But the company recorded an operating loss of $567 million in the third quarter, following operating income of $974 million in the second quarter. The company attributed the quarterly loss mainly to $5.0 billion in short-term computing costs, which it said were significantly higher than the cost of computing purchased under multiyear contracts. It also cited $2.0 billion in noncash expenses related to its donation-matching program.

Infrastructure commitments underscore the scale of financing required to meet computing demand. The company disclosed total committed spending of about $895.4 billion, including purchase commitments and lease agreements, among them short-term contracts and leases that have not yet commenced. Anthropic expects to spend about $447.5 billion of that total before December 31, 2030. By comparison, it had total available liquidity of $146.6 billion as of September 30, 2026, before proceeds from the offering. Liquidity comprised $95.6 billion in cash and cash equivalents, $36.3 billion in short-term investments and $14.8 billion available under its amended and extended credit facility.

Anthropic announced on October 26 that it had filed a registration statement on Form S-1 for a proposed offering of Class A shares. The company said the number of shares to be offered and the price range had not yet been determined, and that the registration statement had not become effective. The filing also did not specify how much the company expects to raise or the share price at listing. The company said it intends to list the shares on the Nasdaq Global Select Market under the ticker ANT. The roadshow and pricing, under the schedule reported by Reuters, remain the next anticipated steps as investors assess the price and the scale of the commitments.