Some Anthropic investors are considering lowering the valuation of the AI company ahead of its initial public offering (IPO) following the release of the latest financial reports, sources familiar with the situation have reported. This shift comes amid general concerns about the rising cost of funding AI projects.
At an investor meeting for Anthropic held in San Francisco on Wednesday, participants discussed a company valuation of around $1.5 trillion. This figure represents a significant decrease compared to the previously expected valuation of nearly $2 trillion for the stock sale in November.
During this meeting, Anthropic informed potential investors that third-quarter revenue increased by 45% compared to the previous quarter, reaching $16.8 billion, and that the company showed adjusted profitability. These figures somewhat eased concerns regarding the costs of developing AI systems.
However, some investors expressed disappointment over the slowing pace of sequential growth in the last quarter. According to sources, Anthropic's revenue more than doubled from $11.6 billion in the first quarter to $16.8 billion in the second quarter. Sources preferred to remain anonymous as they are not authorized to speak publicly.
Anthropic did not provide an immediate response to requests for comment. A more subdued market reaction to Anthropic's IPO could negatively affect the broader AI market. Investors believe that the short-term prospects of the sector largely depend on this stock sale, as well as the possible listing of OpenAI next year.
These concerns arise against the backdrop of a downturn in the technology sector, which has affected companies involved in AI infrastructure, directly impacting chip manufacturers and 'non-cloud' service providers renting computing power for AI. Shares and bonds of CoreWeave, supported by Nvidia, fell on Thursday, reflecting growing anxiety that AI development is increasingly being financed through debt.
A disappointing sale of Anthropic stock could exacerbate these issues. Founded in 2021, Anthropic has become one of the leading developers of generative AI thanks to its Claude model line. Its rapid growth has been supported by Google and Amazon, who are simultaneously investors, providers of computing power, and key distribution partners, as well as AI competitors.