China challenges Anthropic: competition from its models threatens its valuation ahead of IPO
Anthropic plans to start trading in November and some analysts attribute a valuation of about two trillion dollars to it. Hedgeye Risk Management argues that competition from Chinese labs could leave it at 1.5 trillion. Cheaper Chinese open-weight models already account for nearly half of the tokens processed worldwide. Anthropic posted $16.8 billion in revenue in the third quarter of 2026, almost 50% more than the previous quarter, though Hedgeye sees slowing growth.
In 35 seconds
- Anthropic plans to go public in November; some analysts estimate a valuation of about two trillion dollars.
- Hedgeye Risk Management calculates that Chinese competition could cap the valuation at 1.5 trillion, 500 billion less.
- Cheaper Chinese open-weight models already account for nearly half of the tokens processed worldwide.
IASummary generated by artificial intelligence from a story by Xataka. It may contain errors: the original source prevails.




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