Anthropic IPO valuation talks drop to $1.3T

Anthropic's IPO valuation has dropped to $1.2-1.3 trillion from an earlier $1.4-1.5 trillion target, as major investors pushed back amid a sharp market decline on Thursday. The company reported explosive revenue of $17 billion in Q3 2026 (up 12x year-over-year) but massive net losses of $23.3 billion that quarter, largely due to accounting remeasurement of convertible notes. Anthropic faces substantial capital commitments of $895.4 billion for compute infrastructure, with roughly $69.8 billion due in the next 12 months.