Anthropic continues to plan an initial public offering this year, with management reportedly targeting a $1.5 trillion valuation and seeking to raise $100 billion, below an earlier $2 trillion goal. Existing reports had placed prospective investor discussions at $1.1 trillion to $1.3 trillion, after an earlier $1.4 trillion to $1.5 trillion range, leaving the valuation picture unsettled. The company’s third-quarter revenue was reported at $18.6 billion, but two customers account for one-fifth of sales. Anthropic also faces proposed AI regulation, intensifying competition from Kimi, DeepSeek, OpenAI, Grok and Gemini, and plans to spend $895 billion on capital expenditures while holding more than $95.6 billion in cash. Recent IPOs including SpaceX, Circle Internet and Cerebras Systems initially surged before suffering sharp declines, highlighting the market risks surrounding a potential listing.