Anthropic IPO roadshow in doubt — growth slowed from 144% to 47%, and investors want October revenue

The largest AI listing ever is hesitating at the starting line. Anthropic planned to begin its investor roadshow the week of November 9, 2026 and list on Nasdaq later in November. But four people familiar with the talks told Reuters that investors want a more attractive price before committing and doubt the roadshow can start in time; executives and advisers were expected to review the timetable within days.

Anthropic has not announced a delay. Its amended S-1, filed November 2, still leaves blank the two figures investors most want.

1. Where investors are stuck — slowing growth and a missing October

Q3 revenue of nearly $17 billion is enormous; the issue is the pace. Growth fell from 144% to 47% in one quarter, so investors want October revenue to see whether momentum has returned. The amended S-1 does not include it.

Profitability also turned. Operating income of $974 million in Q2 became a $567 million operating loss in Q3 as compute and infrastructure expense rose from $3.39 billion (Q1) to $5.56 billion (Q2) and $9.86 billion (Q3). Q3's $23.29 billion net loss is mostly non-cash, reflecting fair-value changes on convertible notes and derivatives. Cash stood at $146.6 billion on September 30.

There is strength too: customers spending over $100,000 a year rose to more than 11,900 from more than 950 a year earlier, and they produced about 74% of nine-month revenue.

2. The $895 billion promise

Investing.com highlighted the figure that changed the story: about $895.4 billion in purchase and lease commitments, nearly all for compute and infrastructure.

The next 12 months alone require more than four times Q3 revenue. The filing also warns that some compute providers rely on third-party financing, so their capacity could be delayed or reduced if that funding dries up. In Seoul, analysts cited Anthropic's infrastructure commitments as one reason for the KOSPI's 3.59% fall on November 3.

That is why price is contested. About $1.5 trillion — roughly 45 times nine-month revenue — has been discussed. The Wall Street Journal reported one investor suggesting closer to $1 trillion; the Financial Times said Anthropic is prepared to accept a valuation well below $2 trillion.

3. What remains — market mood is the biggest variable

The timing is poor. On November 5, after the US midterms, the Nasdaq 100 fell 6.3% as AI stocks sold off. Truist's Keith Lerner said: "We are now seeing something of a buyers' strike in tech." Investors also remember SpaceX falling 20% from its peak within a week of its June debut.

There is a counterview: Reuters said some analysts expect strong retail demand, and $146.6 billion in cash means Anthropic is under no pressure to rush. It can wait, or shrink the deal.