SILICON VALLEY — Investors are looking to cut Anthropic's valuation to $1.5 trillion from $2 trillion as the company's revenue growth slows, according to a report. Some worry that a weaker-than-expected initial public offering by Anthropic could also weigh on OpenAI's listing next year.
Reuters reported on the 15th, local time, that investors who had reviewed Anthropic's financial information were considering a lower valuation for the company, citing sources.
Investors who attended a pre-IPO briefing in San Francisco the previous day discussed valuing Anthropic at $1.5 trillion, the report said. That is far below the $2 trillion valuation previously expected.
At the briefing, Anthropic reported third-quarter revenue of $16.8 billion. The company posted $4.7 billion in the first quarter and $11.6 billion in the second quarter of this year, and it was said to have stayed profitable on an adjusted operating basis in the third quarter after doing so in the second. That marks a shift from last year, when the company recorded an operating loss of $8 billion on annual revenue of $4.6 billion. Still, quarter-on-quarter growth has slowed through this year. Reuters said investors focused on that slowdown in quarterly revenue growth.
A weaker-than-expected Anthropic IPO could hurt the listing of rival OpenAI, which is expected early next year. A cool reception to Anthropic's IPO could put pressure across the broader AI market, where OpenAI is expected to go public next year, Reuters said.