Some current and prospective investors have discussed a valuation of about $1.5 trillion for Anthropic’s November IPO, around $500 billion below the $2 trillion once expected. At an investor day in San Francisco on Wednesday, Anthropic said it was profitable on an adjusted basis, while third-quarter revenue rose 45% to $16.8 billion, slower than its more-than-doubling to $11.6 billion in the second quarter, according to BeInCrypto. Meta and Microsoft are leaning more on in-house AI models, and Anthropic priced Claude Haiku 5.5 about 75% below its predecessor this month. The valuation would trail SpaceX’s $1.77 trillion June listing and could set a benchmark ahead of OpenAI’s expected early 2027 listing, amid a more than $1 trillion drop in leading AI and chip stocks.