Anthropic’s slowing growth raises questions for the AI investment trade

Anthropic, the company behind the Claude models, is growing at a pace most companies only see in pitch decks. Even so, its growth is reportedly slowing, and investors are treating that as a potential warning sign for the wider AI market. Anthropic is reportedly preparing for an IPO, with attention focused on a listing expected in November 2026. The valuation target is said to be close to $2 trillion. The numbers behind the worry According to leaked financial documents, Anthropic brought in nearly $4.6 billion in revenue for full-year 2025. That was a twelvefold jump from the prior year. The momentum carried into 2026. Quarterly revenue was reported at around $4.7 billion in Q1, then roughly $11.5 billion to $11.6 billion in Q2. Q3 came in at $16.8 billion. Revenue more than doubled from Q1 to Q2. The Q3 gain, by contrast, was approximately 45% sequentially. Analysts flagged concerns about slowing month-over-month growth even as the absolute numbers kept climbing. Annualized revenue reportedly reached approximately $65 billion by July 2026, up from roughly $9 billion earlier that year. The cost side of the ledger The same leaked documents point to operating losses of more than $8 bi...