Investor expectations for Anthropic’s potential initial public offering have declined to approximately $1.5 trillion from earlier estimates of $2 trillion, according to Reuters, as the artificial intelligence company’s revenue growth slowed during the third quarter of 2026.
Anthropic generated $16.8 billion in third-quarter revenue, an increase of 45% from the previous quarter, Reuters reported, citing people familiar with the matter.
Although the company continued to expand, the quarterly growth rate represented a slowdown from the second quarter, when revenue more than doubled.
Some investors expressed disappointment with the deceleration, prompting discussions about a lower potential valuation ahead of a possible public listing, according to the report.
Revenue Growth Slows Despite Continued Expansion
Anthropic’s reported third-quarter revenue of $16.8 billion reflects continued demand for artificial intelligence products and services.
However, the 45% sequential increase was substantially below the growth recorded during the previous quarter.
The slowdown has become a factor in discussions about how much investors may be willing to pay for the company in a potential IPO.
According to Reuters, some investors have discussed a valuation of approximately $1.5 trillion, compared with earlier expectations of around $2 trillion.
That represents a reduction of approximately 25% in the valuation figures under discussion.
Anthropic Expands Independent AI Safety Evaluations
Separately, Anthropic has announced an update to its approach to independent evaluations of artificial intelligence models.
The company is providing the nonprofit research organization METR with employee-like access to support evaluations of its models and safety practices.
The arrangement is intended to give independent researchers greater visibility into model behavior and the company’s safety processes.
The initiative comes as AI developers face growing scrutiny over the capabilities, reliability and potential risks of increasingly advanced systems.
