Investors temper Anthropic IPO valuation hopes as growth slows

Investors are tempering their expectations for what Anthropic could be worth in an initial public offering, people familiar with the matter said, as the artificial-intelligence developer's revenue growth has slowed. The reassessment is not a rejection of the business, the people said, but a recalibration of what a listing might realistically deliver.

The shift marks a change in mood around one of the most closely watched private AI companies. Anthropic has been among the firms whose funding rounds set ambitious valuation benchmarks in recent years, and a listing was widely expected to test whether public-market buyers would support those levels.

The rethink reflects wider caution toward AI businesses. Investors have grown more selective, weighing the enormous sums companies spend on computing capacity against how quickly revenue actually arrives. Growth that once looked explosive is now being judged against the cost of sustaining it. Even so, demand for AI technology remains strong across many industries.

No formal plans for a listing have been announced, and any offering would hinge on market conditions and the company's own timetable. People familiar with the discussions cautioned that expectations remain fluid and could shift again if revenue growth reaccelerates. The timing and size of any potential deal remain unclear.