Anthropic's Valuation Cut to $1.5 Trillion as Revenue Growth Slows

Some investors who previously valued artificial intelligence (AI) company Anthropic at 2 trillion dollars (approximately 2,840 trillion Korean won) have recently lowered their expectations to around 1.5 trillion dollars. This adjustment comes as Anthropic, despite continuing rapid revenue growth, has seen its growth rate slow, prompting investors to scrutinize its profitability alongside growth potential.

According to Reuters on October 15 (local time), existing investors in Anthropic and those considering participation in its initial public offering (IPO) have recently valued the company at approximately 1.5 trillion dollars. This is 25% below the initially anticipated 2 trillion dollars. While Anthropic has not officially reduced its valuation target, investor assessments are shifting ahead of its planned listing.

The catalyst was Anthropic’s IPO investor roadshow held in San Francisco on October 14. During the event, the company reported third-quarter revenue of 16.8 billion dollars, a 45% increase from the previous quarter. However, investor focus centered on the growth rate. Anthropic’s revenue surged 147% from 4.7 billion dollars in the first quarter to 11.6 billion dollars in the second quarter this year, but the growth rate slowed to 45% in the third quarter. While revenue continues to expand, the pace has decelerated.

Anthropic’s revenue last year reached approximately 4.6 billion dollars, a 12-fold increase from the previous year. However, its operating loss exceeded 8 billion dollars. The company has also committed to spending at least 518 billion dollars over the next decade on cloud services and AI computing infrastructure. For investors, the key question is whether surging revenue can cover massive AI development and operational costs.

A source from the tech industry stated, “Going forward, the critical factor will be whether the company can sustainably increase sales and profits to offset massive investment costs.” The source added, “The outcome of Anthropic’s IPO could influence valuation assessments for other AI companies, including OpenAI, which is expected to go public next year.”