Anthropic Eyes November IPO at $1.5 Trillion Valuation as Revenue Growth Slows

Anthropic is targeting a mid-November 2026 initial public offering on the Nasdaq with a valuation of approximately $1.5 trillion, according to reports from mid-October 2026. Earlier expectations had placed the valuation between $1.8 trillion and $2 trillion.

The adjustment followed an investor day at the company's San Francisco headquarters on October 14, 2026. Some current and prospective investors began signaling a preference for the lower valuation after noting a slowdown in revenue growth. After revenue more than doubled between the first and second quarters of 2026, growth slowed to 45 percent for the third quarter, reaching $16.8 billion.

Anthropic confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, 2026. The company has reportedly aimed for a debut before the U.S. Thanksgiving holiday, with November 26, 2026, cited as a target date and a year-end 2026 listing as a fallback. Formal marketing and roadshow activities are expected to begin around November 9, 2026.

Despite high revenue figures, with an annualized run-rate exceeding $65 billion by mid-2026, the company faces significant financial scrutiny. Anthropic reported a $42 billion net loss for 2025 and has committed to over $518 billion in long-term spending for cloud, compute, and infrastructure resources.

The company's draft prospectus, which became public in October 2026, revealed an $80.7 billion net loss for the first half of 2026, largely due to noncash accounting charges. Investors are balancing these massive capital requirements and competitive risks against the company's growth trajectory.

Anthropic develops the Claude family of AI models and competes directly with OpenAI, which recently released GPT-6 with Intelligent UI capabilities. OpenAI is also preparing for a potential IPO, with wealth managers already targeting employees of both companies ahead of the listings.