---
title: "Anthropic 'Devalued' by Half a Trillion: Investors Lower Valuation Ahead of IPO Due to Slowing Revenue"
description: "Investors have lowered Anthropic's expected pre-IPO valuation by a quarter — from $2 trillion to $1.5 trillion. The reason was a slowdown in third-quarter revenue growth to 45% at $16.8 billion."
date: 2026-10-17T01:51:01.444Z
lang: en
url: https://xab.info/en/posts/anthropic-lowers-valuation-before-ipo-due-to-slow-revenue
tags: [anthropic, ipo, ai-startup, revenue-growth, credit-rating]
author: "Darya Fomina"
publisher: "XAB.info"
---

# Anthropic 'Devalued' by Half a Trillion: Investors Lower Valuation Ahead of IPO Due to Slowing Revenue

![A hand drawing the top bar on a growth chart ahead of Anthropic's IPO](https://xab.info/media/2026/10/17/anthropic-snizila-otsenku-pered-ipo-iz-za-zamedleniya-viruchki/anthropic-snizila-otsenku-pered-ipo-iz-za-zamedleniya-viruchki-1.webp)

## Key Points

- Anthropic's expected pre-IPO valuation dropped from $2 trillion to $1.5 trillion — a decrease of nearly a quarter
- The cause was slowing revenue growth: more than doubling in Q2, but only +45% to $16.8 billion in Q3
- The new valuation level will not surpass SpaceX's $1.8 trillion record set in June 2026
- Anthropic plans to allocate at least $518 billion toward computing infrastructure over ten years
- KBRA assigned the company a BB+ rating, just one notch below investment grade

Ahead of its public market debut scheduled for November 2026, AI startup Anthropic has faced a downward revision of its market expectations. According to Reuters, cited by 3DNews, recent meetings between company management and investors in preparation for the IPO produced an 'unfavorable effect': while previously the expected post-offering capitalization was estimated at approximately $2 trillion, some investors now lean toward a figure around $1.5 trillion. This is nearly a quarter lower than the previous level and will not allow Anthropic to surpass the record set by SpaceX in June 2026 at $1.8 trillion.

### Slowing Revenue Growth Rates

The key reason for the valuation adjustment is the observed decline in revenue momentum during the third quarter. While the metric more than doubled from the first quarter to the second, reaching $11.6 billion, growth in the third quarter slowed to just 45%, with revenue coming in at $16.8 billion. For a company raising billions in capital, such growth rates are considered insufficient to justify previous valuation multiples, prompting investors to reassess the expected business value.

### Large-Scale Infrastructure Plans

Downward pressure on the valuation is also intensified by capital expenditure prospects: over the next ten years, Anthropic intends to allocate at least $518 billion to developing its own computing infrastructure and leasing cloud capacity, and this is far from the only planned expense item. This exact combination of high current costs and slowing revenue creates a more cautious view among investors regarding future investment returns.

### BB+ Credit Rating from KBRA

Concurrently, the Financial Times reports that Anthropic has received a BB+ credit rating from rating agency KBRA, which is just one notch below investment grade. For a startup with high spending volumes that remains technically unprofitable, this is considered a fairly good result. The rating was assigned in June 2026 on the eve of another funding round, within which it planned to raise $35 billion. If rating agencies' trust in the company continues to grow, Anthropic could achieve an investment-grade rating in the next stage, reducing lender caution.

### Bonds, Broadcom, and Risk Caveats

The liability structure deserves special attention: by the end of June, Anthropic had no direct credit obligations of its own, as all of them were assumed by its partners. At the same time, the company may issue convertible bonds totaling $42 billion to pay for a deal with Broadcom for the lease of semiconductor components. Meanwhile, KBRA reportedly formulated the rating without accounting for a number of risk factors associated with Anthropic's operations, and larger agencies Moody's, S&P, and Fitch might prove less benevolent, leaving room for further revision of financing terms.

## Fact-Check & Sources

- [Anthropic «подешевела» на полтриллиона в преддверии IPO — инвесторы снизили оценку из-за замедления роста выручки window-new](https://3dnews.ru/1150036/anthropic-podeshevela-na-poltrilliona-v-preddverii-ipo-investori-snizili-otsenku-izza-zamedleniya-rosta-viruchki) - Primary source: valuation cut from $2T to $1.5T, revenue dynamics $11.6B → $16.8B (+45%), $518B plans, KBRA BB+ rating, $42B bonds, Broadcom deal.
- [Anthropic «подешевела» на полтриллиона в преддверии IPO](https://total.kz/ru/news/ekonomika_sobitiya/anthropic_podeshevela_na_poltrilliona_v_preddverii_ipo_date_2026_10_16_19_48_43) - Matches key figures: valuation $2T → $1.5T, Q2 revenue growth more than doubling, Q3 +45% to $16.8B, SpaceX record $1.8T.

## FAQ

### By how much has Anthropic's valuation dropped before the IPO?

The valuation dropped by nearly a quarter — from approximately $2 trillion to about $1.5 trillion, according to Reuters.

### What caused the valuation drop?

A slowdown in revenue growth: in the second quarter it more than doubled to $11.6 billion, while in the third it grew by only 45% to $16.8 billion.

### What credit rating did Anthropic receive?

Rating agency KBRA assigned the company a BB+ rating, one notch below investment grade; the rating was issued in June 2026.

### Will Anthropic surpass the SpaceX record?

No: the new level of around $1.5 trillion is lower than SpaceX's $1.8 trillion record set in June 2026.