Key points
- Anthropic generated $33.2 billion in revenue in the first nine months of 2026, about 13 times the year-earlier figure.
- Its valuation expectations declined from $2 trillion to $1.5 trillion amid slower quarterly growth, an operating loss and large infrastructure commitments.
- Anthropic projects $190 billion to $200 billion in annual revenue by 2028, but that growth has not yet materialized.
Anthropic’s proposed IPO meets a more cautious market
Anthropic is preparing for an initial public offering that could rank among the largest in history, but the market backdrop has turned less welcoming. On November 5, the Nasdaq fell 5.5% and Nvidia lost more than 9%, in a technology selloff linked in the report to concern about costly AI infrastructure and tighter regulation. That shift makes the proposed offering a test of how much confidence investors still place in the AI boom.
The timing matters because Anthropic’s expected value is being reconsidered while enthusiasm for technology shares is under pressure. Expectations for the company’s valuation have moved from $2 trillion to $1.5 trillion, and prospective investors were reportedly discussing figures between $1.2 trillion and $1.3 trillion, with some considering $1.1 trillion. These are reported discussions, not a confirmed IPO price, so the eventual terms remain unknown.
Anthropic develops Claude and has recorded rapid expansion: the company generated $33.2 billion in revenue during the first nine months of 2026, about 13 times its revenue in the corresponding year-earlier period. That headline growth helps explain why investors may consider a very large valuation. It does not, by itself, settle whether the business can sustain its pace or turn expansion into operating profit, two issues highlighted in the analysis.
Growth and infrastructure costs complicate the valuation
One concern is that the pace of quarterly growth has eased. BloFin Research says quarterly revenue growth slowed from 144% to 47%. The latter is still a substantial increase, but the change matters to a valuation that assumes exceptional expansion will continue. Investors considering the IPO will need to distinguish between the large year-over-year revenue gain and the more recent deceleration; the supplied figures do not establish whether growth will slow further or stabilize.
The company’s operating result also moved in the wrong direction, according to the figures cited by BloFin Research. Anthropic went from a $974 million operating profit to a $567 million operating loss. The report also points to nearly $895 billion in commitments to future computing and infrastructure agreements. Those figures raise questions about the relationship between growth, costs and profitability, although the source does not provide a schedule for the commitments or detail how they will be recognized.
At the proposed $1.5 trillion valuation, the analysis calculates that investors would be paying about 22 times Anthropic’s latest quarterly revenue annualized. That is a demanding multiple for a business whose latest cited operating result is a loss, making the IPO price particularly sensitive to expectations for future performance. The calculation is not a guarantee of value: it describes the price relative to revenue, rather than showing what profits or cash flows the company will ultimately produce.
The 2028 revenue target is central to the investment case
Anthropic’s own outlook offers the strongest stated support for a lower revenue multiple over time. The company projects annual revenue of $190 billion to $200 billion by 2028. If that target is achieved, the current valuation would look more reasonable, according to the analysis. But the projection is a future goal, not revenue already earned, and the source does not provide a detailed path showing how Anthropic expects to reach that range.
That gap between the present financial picture and the 2028 projection is central to the IPO decision. Buyers at the proposed valuation would be paying now for growth that has yet to materialize, while also facing the reported slowdown in quarterly growth and a swing to an operating loss. The outlook could justify confidence if delivered, but the supplied information does not resolve how likely the target is or how much additional spending will be needed to pursue it.
Investors therefore have to assess more than headline revenue expansion. The source identifies three practical questions: whether revenue growth can support the valuation, whether profits can keep pace with computing costs, and whether the IPO price will reflect increasing market caution. The available numbers frame those questions but do not answer them. The offering price, future quarterly results and progress toward the 2028 target will be important evidence, none of which is settled by the reported valuation discussions.
Cloud ties broaden the implications beyond Anthropic
Anthropic’s financial commitments also connect its prospects to other major technology companies. Amazon, Google and Microsoft provide critical computing infrastructure, while Nvidia benefits from expanding demand for AI. BloFin Research estimates that Anthropic has committed at least $269 billion to computing services from major cloud providers. The source does not break that total down among providers, but it illustrates why expectations for Anthropic’s computing needs matter to companies beyond the IPO candidate.
The November 5 market decline adds a wider industry dimension to the offering. A 5.5% Nasdaq fall and a loss of more than 9% for Nvidia came amid concern about expensive AI infrastructure and tighter regulation, according to the report. That context may influence how investors value AI-related businesses and suppliers, but it does not prove that Anthropic’s own results caused the selloff. The IPO will arrive against a market that has shown greater sensitivity to AI spending concerns.
The IPO’s reception will depend on how investors weigh rapid revenue growth against slower quarterly expansion, operating losses and extensive infrastructure commitments. The planned 2028 revenue range provides a potential basis for the valuation, but remains a projection; the final IPO price and investors’ willingness to accept the reported risks are also unknown. Anthropic’s offering could therefore test confidence in the AI boom, while its outcome will depend on evidence that spending can support durable revenue and lasting returns.
Source: BeInCrypto
