Anthropic IPO valuation discussion drops to $1.3 trillion, large investors hesitant about $1.5 trillion target

Anthropic's IPO valuation discussion has dropped from the $1.4 trillion to $1.5 trillion range communicated to investment banks a few days ago to $1.2 trillion to $1.3 trillion, far below the $2 trillion circulating in early October. The revised S-1 shows 2026 Q3 revenue of $17 billion, a 12-fold year-over-year increase, and a net loss of $23.3 billion, of which 90% of the first-half loss came from fair value remeasurement of convertible bonds. The company also has $895.4 billion in purchase and lease commitments, of which about $447.5 billion must be paid by the end of 2030.