Anthropic IPO valuation expectations are FALLING as revenue growth slows. Some investors are discussing an Anthropic IPO valuation of ~$1.5 trillion, DOWN from the ~$2 trillion previously anticipated, according to Reuters, citing people familiar with the matter. This comes as company's revenue growth slowed to +45% QoQ in Q3, with revenue reaching $16.8 billion after more than doubling to $11.6 billion in Q2. Notably, estimated monthly revenue growth slowed from ~33% in January-July to just 3.4%-6.6% in August-September. As a result, estimates based on monthly revenue put Anthropic’s September exit run rate at just $69-$74 billion, well below the ~$100 billion year-end run rate investors had anticipated. Anthropic also reported a $42 billion loss in 2025 and has committed to spending at least $518 billion on cloud services, computing and infrastructure over the next decade, ~80% of which is non-cancelable, adding to financial concerns. Meanwhile, despite US IPOs raising $163 billion year-to-date, September saw just 5 sizable listings raise $1.9 billion, the lowest monthly total since March, as rising Treasury yields and growing uncertainty made it harder to bring companies to market. At the same time, the broader AI selloff is already hitting chipmakers, AI infrastructure firms and cloud computing providers, amid growing investor concerns over the debt piling up behind the AI spending. Anthropic’s IPO is emerging as a key test of investor appetite for AI.