Anthropic’s listing gets cheaper as the selloff reaches its valuation
Anthropic’s amended filing showed third-quarter revenue of $17bn, an operating loss of $567m and about $895bn of commitments. After Thursday’s rout, prospective investors discussed valuations of $1tn to $1.3tn, down from talk of $2tn in October, though the Financial Times reported that the company still plans to list before Thanksgiving.
Source published · In the Weekly Review of 8 November 2026
Filed under AI industry, Markets
The amended registration statement, published on 2 November, showed revenue growth slowing to about 47% in the third quarter from about 144% in the second. Operating expenses rose to $17.5bn, turning a $974m operating profit into a $567m loss, which the company attributed largely to $5bn of short-term computing. Commitments, almost all for computing and data centres, reached about $895bn, of which about $70bn falls due within a year.
The market turned against the deal during the week. Reuters reported on Thursday that potential investors wanted a lower price and doubted a November roadshow. On Friday Bloomberg put valuation talk at about $1.2tn to $1.3tn, down from the $1.4tn to $1.5tn communicated to bankers, and The Wall Street Journal reported one investor suggesting a figure closer to $1tn. Odds of a listing before 1 December on Polymarket and Kalshi fell from about 80% to near 50%, according to Yahoo Finance.
The Financial Times then reported that Anthropic is continuing with plans to list before the Thanksgiving holiday, expecting to raise $80bn to $100bn. Bloomberg separately reported that OpenAI had closed about $11bn of new funding at a $1.25tn valuation.