Anthropic’s planned stock market debut is facing investor scrutiny, with concerns growing around its enormous valuation, slowing revenue growth and almost US$900 billion in AI infrastructure commitments raising questions about the sustainability of the global AI investment boom.

The company behind the Claude AI platform is preparing for what could become one of the largest technology IPOs in history. 

However, investors are reportedly becoming less comfortable with the valuation being placed on the business as the cost of developing and operating increasingly sophisticated AI models continues to climb.

According to reports, some investors are now considering a valuation of around US$1.5 trillion (approximately A$2.14 trillion), down from expectations close to US$2 trillion. 

The concerns follow the release of Anthropic’s latest financial figures, which showed that revenue continues to expand rapidly, however, growth is slowing and infrastructure costs are increasing.

According to Reuters, Anthropic’s third-quarter revenue rose 47% quarter-on-quarter to US$16.96 billion. However, this represented a substantial slowdown from the 144% sequential growth recorded in the second quarter.

The company also reported a net loss of US$23.29 billion for the quarter, though this was narrower than its US$66.3 billion loss in the previous quarter. In addition, it reported an operating loss of US$567 million.

Perhaps more concerning for investors is the scale of commitment to infrastructure.

Anthropic has approximately US$895.4 billion in commitments associated with AI infrastructure development, including computing capacity, data centres and cloud services. Almost half of that spending is expected to be incurred before the end of 2030.

The company also recorded an additional US$5 billion in computing costs during the quarter.

These figures are likely to become a major focus for institutional investors in assessing whether Anthropic can convert its rapid expansion into sustainable profitability.

Australian Investors Included in Proposed IPO

Despite the valuation concerns, Anthropic’s proposed IPO is attracting considerable attention in Australia, with the company planning an international retail share offer that will include Australian investors.

Anthropic has identified several Australian financial institutions and investment platforms expected to participate in the proposed offer.

They include CommSec, Bell Potter, LGT Wealth, Macquarie, Morgans, Morgan Stanley Wealth Management, Sharesies and Stake.

This means Australian retail investors could have an opportunity to purchase shares directly through participating brokers when the offering opens, subject to eligibility requirements and the final prospectus.

Anthropic is not planning to list on the Australian Securities Exchange (ASX).

Instead, the company has applied to list its Class A shares on the Nasdaq Global Select Market under the proposed ticker symbol ANT.

The Australian retail offer is expected to be made under a prospectus lodged with the Australian Securities and Investments Commission (ASIC).

Anthropic has cautioned that the participating broker list is specific to the proposed offering. Investors are advised to wait for the official prospectus before making any decisions.

AI Investment Boom Reality Check

Anthropic’s proposed listing could become an important test of investor confidence in the AI sector more broadly.

Technology companies have committed enormous sums to building AI infrastructure like data centres, as well as acquiring advanced processors and securing the computing power needed to support generative AI services.

However, investors are increasingly questioning whether the revenue generated by AI products will be sufficient to justify the capital expenditure.

Anthropic’s dependence on major cloud infrastructure providers, including Amazon and Google’s parent company Alphabet, also adds complexity.

Both companies are investors in Anthropic but also supply computing infrastructure and compete in the AI market.

The proposed listing offers an opportunity for Australians to gain exposure to one of the world’s leading AI developers.

Meanwhile, rival AI developer OpenAI is also considering a major stock market listing. 

Anthropic’s debut could provide an early indication of how much investors are prepared to pay for the future of the technology .