Investors are moving to lower their expectations for Anthropic's initial public offering (IPO) valuation ahead of the event. Concerns are growing over a slowdown in third-quarter revenue growth and the substantial funding and debt burdens required for AI infrastructure.
According to Reuters, citing sources, investors who reviewed Anthropic's financial information are considering a lower valuation for the company. Some investors discussed valuing the company at approximately $1.5 trillion during an IPO investor presentation held in San Francisco the previous day. This figure is 25% lower than the previously anticipated valuation of around $2 trillion. Anthropic is aiming for an IPO in November.
During the presentation, Anthropic reported that its third-quarter revenue reached $16.8 billion, a 45% increase from the previous quarter. However, this growth rate is slower compared to the second quarter, when revenue more than doubled to $11.6 billion from $4.7 billion in the prior quarter. While revenue continues to rise, it has not maintained the same rapid growth pace as before.
The overall market sentiment has been dampened by concerns over excessive investment and debt burdens in the AI industry. As the sell-off of AI technology stocks spreads through global financial markets, some analysts suggest that Anthropic's IPO performance could serve as a barometer for investor enthusiasm in the AI sector.
In fact, there have been instances in the IPO market where companies have postponed or withdrawn their listing plans. Data center operator SB Energy delayed its IPO last month, while nuclear technology firm Holtec Nuclear withdrew its plans to list on U.S. exchanges.
If Anthropic's IPO falls short of expectations, it could exacerbate market anxieties regarding investments in AI infrastructure, potentially negatively impacting the anticipated IPO of OpenAI next year.
Meanwhile, citing risks associated with AI development, the head of a major public pension fund in the U.S. recently publicly urged Anthropic to halt its IPO plans. According to Bloomberg, Mark Levine, the New York City Comptroller, sent a letter to Anthropic CEO Dario Amodei on October 14, urging the company to pause its IPO until it fully addresses risks related to AI safety, governance, and development speed. The New York City Comptroller's office is known for its shareholder activism on climate and governance issues.
* This article has been translated by AI.
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