Recent investor feedback from Anthropic’s October 14 pre-IPO meeting in San Francisco has tempered expectations, with some participants discussing a roughly $1.5 trillion valuation after third-quarter revenue reached $16.8 billion—up 45% sequentially but slowing from the prior quarter’s more-than-doubling pace. This shift from earlier $2 trillion targets reflects scrutiny over AI infrastructure costs, ongoing losses, and heavy reliance on hyperscaler partners for distribution and compute. The November 2026 IPO timeline, competitive positioning against OpenAI, and adjusted profitability metrics keep the $1.50–2.00 trillion range tightly contested among traders, with outcomes hinging on roadshow momentum and broader market appetite for capital-intensive large language model developers.