Anthropic’s Q3 Revenue Surges 45% To $16.8 Billion Ahead Of Potential IPO

Anthropic’s revenue rose 45% in the third quarter to $16.8 billion, up from $11.6 billion in the second quarter, according to an investor who attended a pre-IPO meeting with company leaders in San Francisco on Wednesday. Revenue stood at $4.7 billion in the first quarter, according to the reports.

Chief Executive Officer Dario Amodei and Chief Financial Officer Krishna Rao outlined the company’s financial performance, growth strategy and AI safety approach as Anthropic prepares for a potential initial public offering (IPO).

The listing is expected after the November US midterm elections and could precede rival OpenAI’s public debut, reports says.

According to the reports, Anthropic told investors it was cash-flow positive in the third quarter, with an adjusted operating margin of 11% and $1.70 in revenue for every dollar spent on computing power.

Research firm SemiAnalysis estimated its annualised revenue at about $74 billion, while Reuters reported the company expects a $110 billion annualised run rate by year-end.

Founded by former OpenAI executives, Anthropic develops the Claude family of AI models and is backed by Google and Amazon, which also provide computing infrastructure.

The company is targeting a valuation exceeding $2 trillion despite substantial future spending commitments.
A report says that Anthropic has committed at least $518 billion over a decade to cloud services, computing and infrastructure.

Reports also state that model distillation contributed 5–7% of revenue, with the company cutting the activity significantly in the third quarter.

Facing competition from OpenAI and cheaper Chinese models, Anthropic is also emphasising AI safety, warning investors of potential unpredictable or malicious model behaviour and broader risks from increasingly capable systems.

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