A surge in interest rates and the steep cost of expanding infrastructure are prompting a re-evaluation of what Anthropic is worth. Wall Street investors are now pushing back against figures presented by investment bankers, citing the massive capital expenditures required for data centers as a primary risk. These market participants suggest the AI firm should be valued at $1.5T rather than the $2T target currently being floated.

The disagreement follows a leaked IPO prospectus that details $518B in total compute spending over the next decade, 80% of which is non-cancelable. This liability includes a commitment to pay SpaceX up to $84.5B for Nvidia-based computing capacity through 2029. The filings also show that Anthropic is forecasting 2025 revenue of $4.6B despite a $42B net loss, which includes a large one-time accounting charge.