Recent Q3 2026 results showing $16.8 billion in revenue—up 46% sequentially but with growth slowing from 139% in Q2—along with adjusted profitability have tempered investor expectations for Anthropic ahead of its planned November IPO. Discussions among current and prospective investors have shifted toward a roughly $1.5 trillion valuation, down from earlier $2 trillion targets, amid scrutiny of run-rate sustainability, infrastructure costs, and multiples relative to peers. The May 2026 $965 billion post-money round remains the last confirmed benchmark, while secondary trading implies levels near or below that figure as of mid-October. With the October 31 resolution window closing soon and no major catalysts imminent, trader sentiment reflects these tempered IPO dynamics and the gap between revenue momentum and valuation multiples.