Anthropic was tracking toward a $2T public debut, but look closer and investors are hitting the brakes. According to Reuters, expectations ahead of the November IPO: • Valuation target: Cut from $2T down to $1.5T ($500B drop) • Q2 revenue: $11.6B (more than doubled) • Q3 revenue: $16.8B (+45%, growth slowing) The timing is suddenly looking rough as concerns mount over AI financing and whether the bubble is starting to crack.