Anthropic’s Q3 revenue hits $16.8B but growth slows ahead of planned November IPO

What happened

Anthropic reportedly disclosed $16.8 billion in third-quarter revenue to potential investors ahead of its planned November IPO, up roughly 45 percent from Q2 versus growth above 140 percent the previous quarter. The company reported an adjusted operating margin of 11 percent through Q3, excluding major costs such as stock-based compensation. Some potential investors were reportedly disappointed, with several expecting IPO valuation expectations to fall possibly below $1.5 trillion.

Reported by 2 sources

The story so far

Anthropic told potential investors that third-quarter revenue reached $16.8 billion, but slower growth disappointed some investors ahead of its planned November IPO, according to The Decoder. Revenue rose roughly 45 percent from Q2, compared with growth above 140 percent in the previous quarter. The Decoder reported that several potential investors expected IPO valuation expectations to fall, possibly below $1.5 trillion. The Financial Times, as summarized by Simon Willison, reported Q2 revenue of $11.5 billion and said Anthropic generated $1.70 in Q3 revenue for every $1 spent on computing power. Anthropic reported an adjusted operating margin of 11 percent through Q3, excluding major costs such as stock-based compensation, according to The Decoder. The FT also reported, citing four people with direct knowledge, that Anthropic told investors distillation accounted for 5–7 percent of revenue and that the company had cut it back “materially” in Q3.

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