Anthropic investors weigh a $1.5T valuation for the November IPO, down from roughly $2T expected before, Reuters reports citing people at its investor day.

At the San Francisco meeting with CEO Dario Amodei and CFO Krishna Rao, Anthropic said Q3 revenue rose 45% to $16.8B and that it was profitable on an adjusted basis. Some investors were still disappointed, since revenue had more than doubled to $11.6B in Q2. Anthropic did not immediately respond to Reuters.

Anthropic has committed at least $518B over a decade to cloud and compute. Investors see the IPO as a test for the AI trade, ahead of a possible OpenAI listing next year.

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