Anthropic IPO valuation expectations trimmed to about $1.5T, some investors say

The trimming of IPO valuation expectations matters less than the reason behind it: Anthropic's growth decelerated sharply even as revenue kept climbing, and profitability on an adjusted basis doesn't fully offset that signal. For the broader AI-linked equity and RWA narrative, this is an early test of whether public-market buyers will price frontier AI on absolute scale or on growth trajectory. The open question is whether the ~$1.5T anchor holds through the November listing, or whether the investor event discussion was the first step in a longer repricing.