Anthropic revenue rises to $16.8 billion as IPO approaches, but growth slows
Anthropic (Unlisted (US):ANTHRO) increased third-quarter revenue by 46% to $16.8 billion, although slowing growth could complicate its plans for a high-profile stock market debut.
The Financial Times reported on Wednesday that the company disclosed the figures at a closed investor meeting in San Francisco, where executives also confirmed it was profitable on an adjusted basis for a second consecutive quarter.
The revenue total for the three months to September compares with $11.5 billion in the second quarter but marks a sharp slowdown from the previous period, when revenue more than doubled.
The figures come as Anthropic prepares for a potential initial public offering (IPO) as early as November, with investors assessing whether its rapid expansion can support a valuation approaching $2 trillion.
The company's financial performance is attracting scrutiny as investors question whether the growth of artificial intelligence businesses can justify the enormous valuations attached to them.
OpenAI, Anthropic's main rival, has also faced reassessments of its revenue outlook, with estimates of its annualised revenue reportedly falling from $70 billion to $50 billion, according to the Financial Times.
The difference highlights the difficulty of comparing the businesses, whose revenue figures can reflect different arrangements with cloud computing partners and other technology providers.
Reports indicate that OpenAI is contemplating a $30 billion raise at a $1.4 trillion valuation, with its IPO preparations anticipated to extend into 2027.
Anthropic is also facing growing competition as AI developers cut prices to attract customers looking to reduce the cost of running large language models.
The company recently introduced Claude Haiku 5.5, a lower-cost model positioned to make AI tools more affordable for businesses, intensifying pressure on rivals to compete on price as well as performance.
The combination of adjusted profitability and decelerating revenue growth will be central to investor assessments of Anthropic's prospects, particularly if the company seeks a valuation among the largest ever pursued by a newly listed business.