Something about Anthropic’s IPO again, after a while
Anthropic could be the last major AI IPO of the year. But its path to the stock market is getting more expensive.
At a time when many companies in AI and fintech are postponing their IPOs due to market jitters, Anthropic is still aiming to go public in November, albeit on less favorable terms than the market expected until recently.
At its investor day, the company reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter. In the second quarter, revenue grew by more than 140% thanks to demand for Claude Code. The slowdown has led some investors to consider a valuation of around $1.5 trillion instead of the previously mentioned $2 trillion. In its May funding round, the company was valued at $965 billion.
According to the Financial Times, Anthropic’s new loan from Blackstone $BX will carry an interest rate of over 10%. That alone suggests that lenders are charging more and more for capital to fund AI infrastructure. Although the company reported adjusted profit in the third quarter, it ended 2025 with a loss of $42 billion, according to its prospectus.
Well, it will be really interesting to watch. I’ll wait to see how put options are trading after the first few days.