Some existing and potential investors are reconsidering Anthropic's IPO valuation, with discussions at a San Francisco event centering on approximately $1.5 trillion—below the previously expected $2 trillion for a planned November listing. The reassessment follows the company's disclosure of third-quarter revenue growth that decelerated compared to prior quarters. According to sources familiar with the matter, Anthropic reported Q3 revenue of $16.8 billion, representing 45% quarter-over-quarter growth, while achieving adjusted profitability. However, this marks a slowdown from Q2, when revenue more than doubled sequentially to reach $11.6 billion. The moderating growth trajectory appears to have tempered investor enthusiasm despite the company reaching profitability benchmarks. The $1.5 trillion figure reflects preliminary investor discussions rather than finalized IPO pricing terms. Anthropic has not responded to requests for comment regarding the valuation adjustments.