Anthropic is preparing for one of the biggest IPOs in history. But just as investors were weighing its $1.5 trillion valuation, Wall Street delivered a warning about the AI boom.
On November 5, the Nasdaq plunged 5.5%, while Nvidia lost more than 9%. Concerns over expensive AI infrastructure and tighter regulations triggered a broad technology selloff.
The timing is troubling for Anthropic. Its upcoming IPO could test whether investors still believe AI companies are worth their extraordinary valuations.
Analysis by BloFin Research identified several financial risks investors should examine before buying.
Why Is Anthropic’s Valuation Falling?
Anthropic’s business is growing remarkably fast. The Claude developer generated $33.2 billion in revenue during the first nine months of 2026, roughly 13 times its revenue a year earlier.
Yet its valuation expectations have fallen from $2 trillion to $1.5 trillion.
BloFin Research identified two concerns.
- Quarterly revenue growth slowed from 144% to 47%
- The company swung from a $974 million operating profit to a $567 million loss.
More importantly, Anthropic has committed nearly $895 billion to future computing and infrastructure agreements.
The latest stock crash has intensified these concerns.
According to reports, prospective investors were discussing valuations of $1.2 trillion to $1.3 trillion, with some considering $1.1 trillion.
Is Anthropic Worth the Price?
At $1.5 trillion, investors would pay approximately 22 times Anthropic’s latest quarterly revenue annualized, according to BloFin Research.
That is a demanding price for a company still struggling to sustain operating profits.
Anthropic projects annual revenue of $190 billion to $200 billion by 2028. If achieved, its current valuation would look considerably more reasonable.
But investors would effectively be paying today for growth that has yet to materialize.
What Should Investors Watch Before Buying?
Anthropic’s fortunes extend across the AI market. Amazon, Google, and Microsoft provide critical computing infrastructure, while Nvidia benefits from expanding AI demand.
BloFin Research estimates that Anthropic has committed at least $269 billion to computing services from major cloud providers.
These relationships help explain why falling confidence in AI infrastructure spending matters beyond Anthropic itself.
For investors, three questions remain: Can revenue growth justify its valuation? Can profits keep pace with computing costs? And will the IPO price reflect the market’s growing caution?
Anthropic’s IPO could become the next major test of Wall Street’s confidence in the AI boom. Its success will depend increasingly on whether investors believe the extraordinary spending can produce lasting returns.
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