The Claude developer reported $16.8 billion in third-quarter revenue, but slower growth and concerns about AI safety have raised questions about its potential $2 trillion stock market debut.
Anthropic’s highly anticipated initial public offering is facing growing scrutiny after the artificial intelligence company reported slower quarterly revenue growth to prospective investors. The company generated approximately $16.8 billion in revenue during the third quarter of 2026, but its growth rate fell substantially from the previous quarter.
The figures were presented during a private investor meeting in San Francisco on October 14, as Anthropic prepared for a possible stock market debut as early as November. Some investors have since questioned whether the company can justify its reported target valuation of more than $2 trillion.
The financial concerns come alongside demands for stronger AI safety safeguards. New York City Comptroller Mark Levine has urged Anthropic to postpone its IPO until it addresses risks involving artificial intelligence development and corporate governance.
Despite reports of increasing skepticism, Anthropic has not confirmed that it has postponed its public offering. The company continues preparing for a potential listing, although the final date and valuation remain uncertain.
Anthropic Revenue Reaches $16.8 Billion as Growth Slows
Anthropic’s latest financial presentation revealed a substantial increase in revenue, reflecting demand for its Claude AI models and business software.
According to Reuters, the company reported approximately $16.8 billion in third-quarter revenue, compared with $11.6 billion in the second quarter and $4.7 billion in the first.
That represents quarterly growth of approximately 45%, a considerable increase for an established business but a slowdown from the roughly 147% expansion between the first and second quarters.
The figures demonstrate how quickly Anthropic has expanded during 2026.
However, investors often place greater emphasis on growth rates when evaluating technology companies seeking exceptionally high valuations.
A company valued at more than $2 trillion would need to demonstrate that its future earnings could eventually justify the price investors pay for its shares.
Slowing revenue growth does not necessarily indicate declining demand. Anthropic continues generating substantially more revenue than it did earlier in the year.
The challenge is whether that expansion can continue at a pace sufficient to support expectations already reflected in private market valuations.
Investors Question Anthropic’s Potential $2 Trillion Valuation
Anthropic has reportedly targeted a valuation exceeding $2 trillion for its anticipated stock market debut.
That would make the company one of the most valuable publicly traded technology businesses immediately after its listing.
However, reports following the October 14 investor meeting suggested that some prospective buyers were reconsidering how much they would be willing to pay.
The Information reported that Anthropic’s slowing revenue growth could weigh on its IPO valuation.
Some market commentary has suggested that a valuation closer to $1.5 trillion may be more realistic under current conditions.
Such a change would represent a reduction of approximately $500 billion from the reported $2 trillion target.
These estimates are not official pricing decisions. Anthropic has not announced a final offering price or confirmed the valuation at which its shares will be sold.
Investors must also evaluate the company’s operating expenses, long-term infrastructure obligations and ability to earn sustainable profits.
Anthropic’s business requires substantial spending on computing power, advanced processors, data centers and research personnel.
Those costs have increased as demand for more capable AI systems has expanded.
Anthropic Reports Progress Toward Profitability
Despite questions about revenue growth, Anthropic has reported improvements in its financial position.
At the October investor meeting, the company said it had achieved positive adjusted operating income, excluding certain expenses such as stock-based compensation.
This is an important distinction because adjusted profitability does not necessarily mean a company is profitable under standard accounting rules.
Anthropic reported more than $8 billion in operating losses for 2025, according to financial information reviewed by Reuters.
Its spending reflects the enormous cost of training advanced AI models and operating services used by businesses and individual customers.
Anthropic has also entered extensive cloud computing and infrastructure commitments intended to support future development.
Investors will need to determine whether revenue can grow fast enough to cover those obligations while producing lasting profits.
The company’s Claude products have attracted demand from software developers and businesses seeking tools for coding, research, document analysis and automation.
Its Claude Code service has become an important part of the company’s growth strategy.
However, strong customer adoption alone does not guarantee that operating costs will remain manageable.
New York Comptroller Urges Anthropic to Delay IPO
Anthropic is also facing pressure from public officials concerned about the safety of increasingly advanced artificial intelligence.
On October 14, New York City Comptroller Mark Levine sent a letter to CEO Dario Amodei urging the company to delay its public offering.
Levine argued that Anthropic should prioritize improvements in AI safety, governance and oversight before entering public markets.
The comptroller oversees financial interests involving New York City’s pension funds, which collectively hold more than $325 billion in assets.
His concern is partly related to how a large publicly traded AI company could affect retirement investments.
If Anthropic becomes a significant component of major stock indexes, pension funds using passive investment strategies could gain exposure to its shares.
Levine warned that serious failures involving advanced AI systems could create financial and broader societal consequences.
He requested greater transparency about the company’s safety evaluations, controls and plans for addressing potential risks.
According to Bloomberg Law, Anthropic opened discussions with Levine’s office following the letter.
The discussions do not establish that the company has agreed to postpone its IPO or change its business strategy.
AI Stocks Fall as Investors Reassess Spending Risks
The debate surrounding Anthropic comes during a difficult period for technology stocks.
On October 16, Wall Street experienced another decline as investors expressed concern about artificial intelligence spending, rising borrowing costs and broader economic conditions.
Reuters reported that companies linked to AI infrastructure faced particularly strong selling pressure.
CoreWeave, a major provider of computing infrastructure for AI applications, experienced a sharp stock decline amid concerns about debt and financing costs.
The company’s shares fell approximately 12% during Friday’s trading, contributing to significant losses over the preceding week.
Other technology companies also faced selling pressure.
The Nasdaq Composite was heading toward its weakest weekly performance since June.
Investors have become increasingly attentive to the amount of borrowed money used to construct data centers and support AI infrastructure.
Companies across the industry have committed substantial resources to facilities that require considerable electricity, specialized processors and long-term financing.
If demand or profits fall short of expectations, those investments could become more difficult to support.
However, falling AI-related stock prices do not establish that the entire industry is approaching a financial collapse.
Demand for AI services remains substantial, and companies with stronger financial positions may be better equipped to withstand changes in market conditions.
Anthropic Employees Expect Major Changes in Employment
Separate research published by Anthropic on October 16 provides another perspective on the company’s expectations for artificial intelligence.
The company surveyed 1,334 employees about how AI could affect their work and the broader economy.
Researchers also compared those responses with expectations among American workers.
The findings revealed substantial differences between Anthropic employees and the wider workforce.
More than half of Anthropic’s staff expected AI to become capable of performing at least 80% of their current work by 2030.
By comparison, approximately 5% of American workers expressed similar expectations.
Anthropic employees also anticipated much faster advances in artificial intelligence capabilities.
The research found that workers expecting greater AI automation also tended to predict higher unemployment.
However, the survey measured expectations rather than established economic forecasts.
The results do not demonstrate that unemployment will reach a particular level or that AI will replace a specific percentage of jobs.
Anthropic’s researchers noted that employees have unusually extensive experience using advanced AI systems, which may influence their expectations.
Dario Amodei Warns About AI’s Potential Economic Impact
Anthropic CEO Dario Amodei has repeatedly warned that advanced artificial intelligence could bring major economic disruption.
He has expressed concern about the potential displacement of workers in entry-level office positions and other occupations involving tasks that AI can increasingly perform.
Amodei has also suggested that AI systems could eventually complete much of the coding work currently performed by software developers.
Those statements represent predictions about future technological capabilities rather than confirmed outcomes.
The company’s internal research has examined how AI tools are already affecting its own operations.
A separate October 16 report found that Anthropic has been hiring proportionally fewer junior technical employees while increasing its use of AI agents.
The researchers also identified productivity improvements in coding, sales and contract processing.
These findings indicate significant changes within Anthropic, but they cannot automatically be applied to the entire American workforce.
Industries differ in their use of technology, regulatory requirements and reliance on physical labor.
What Happens Next for Anthropic’s IPO?
Anthropic’s potential IPO remains a major event for technology investors because of the company’s rapid expansion and high reported valuation.
The company must convince prospective shareholders that it can sustain revenue growth while controlling the substantial costs of developing advanced AI systems.
It must also address questions about corporate governance, safety obligations and the financial risks associated with increasingly powerful technology.
Investors will be watching for further information about Anthropic’s profitability, revenue forecasts and expected offering price.
The possibility of a lower valuation does not necessarily mean the company will cancel its public offering.
Likewise, calls from public officials to postpone the listing do not establish that Anthropic has changed its schedule.
As of October 16, 2026, no confirmed IPO postponement had been announced.
The next important developments will be any formal announcement about the listing date, final valuation and additional financial disclosures provided to prospective investors.
IMAGE: Photographer: Simon Walker / No. 10 Downing Street Date: May 24, 2023 Location: 10 Downing Street, London License: Creative Commons Attribution 2.0 (CC BY 2.0)