Anthropic Investors Eye $1.5 Trillion Valuation for November IPO

Current and prospective Anthropic investors are considering a $1.5 trillion valuation for the AI company's planned November IPO, according to reporting cited by Reuters on October 15, 2026. The figure sits below the roughly $2 trillion valuation that investors had previously expected.

Investor Discussions and Revenue Growth

Attendees discussed the lower figure at an investor day held at Anthropic’s San Francisco headquarters. Anthropic has not published an official price or target of its own and did not immediately respond to requests for comment. The adjustment follows third-quarter revenue reaching $16.8 billion, representing a 45% increase from the second quarter. While substantial, some investors expressed disappointment compared to the second quarter, where revenue of $11.6 billion had more than doubled from the first quarter.

Anthropic reported a $42 billion loss for 2025 in its IPO prospectus filed in September, though the company stated it was profitable on an adjusted basis. The prospectus also listed at least $518 billion in commitments over a decade for cloud services, computing, and infrastructure, with Amazon and Alphabet among the participating suppliers.

Impact on Corporate Stakeholders

Because Anthropic is private, public market exposure runs primarily through Amazon and Alphabet, both of which are investors, computing suppliers, distribution partners, and competitors. Amazon closed up 0.27% at $254.76 on October 15, while Alphabet Class A shares rose 0.45% to $349.22.

Both tech giants have booked substantial paper gains from their Anthropic stakes. Amazon's second-quarter net income of $62.647 billion included $53.4 billion in pre-tax non-operating income primarily from Anthropic, while Alphabet’s $112.107 billion net income included a $99.03 billion gain on equity securities. A lower IPO valuation would reduce the size of subsequent gains booked by both companies.

Key facts

• Some Anthropic investors are considering a $1.5 trillion valuation for the November IPO, down from expectations of $2 trillion.
• Anthropic reported third-quarter revenue of $16.8 billion, up 45% from the second quarter.
• The company reported a $42 billion loss for 2025 in its September IPO prospectus.
• Anthropic's prospectus listed at least $518 billion in ten-year infrastructure and cloud commitments.
• Amazon closed at $254.76 on October 15, and Alphabet Class A closed at $349.22.