Anthropic Q3 Revenue Hits $16.8 Billion, Secures Profitability Despite Slowing Growth
AI startup Anthropic told investors that third-quarter revenue rose 45% year-over-year to $16.8 billion (approximately 22.5 trillion won). The company reported its second consecutive quarter of adjusted profitability and positive cash flow.
According to a Financial Times report on the 15th (local time) citing sources familiar with the matter, Anthropic held a full-day presentation for investors at its San Francisco office in an effort to build confidence ahead of its initial public offering (IPO) expected next month.
The growth rate itself has decelerated from the explosive pace seen earlier this year. Annualized revenue is also expected to fall short of the $100 billion (approximately 134.2 trillion won) threshold that has drawn intense market attention. The company told investors that for every $1 spent on computing power, it generates $1.70 in revenue.
The results come at a critical juncture, as Anthropic must quell concerns about slowing AI spending and profitability while preparing for a large-scale IPO. Anthropic is locked in fierce competition with OpenAI to build the most advanced AI models. In particular, the company has been viewed as falling behind in recent months following OpenAI's launch of its flagship model, GPT-6 Astra.
Both companies also face competition from Chinese AI models that offer nearly equivalent performance at significantly lower cost—a factor that could pose an even greater risk to revenue.
Meanwhile, D.A. Davidson analysts Gil Luria and Turner Dischinger cautioned that Anthropic's slowing revenue growth should not be interpreted as weakening demand across the broader AI industry.
The two analysts explained that amid intensifying competition from OpenAI and open-weight AI models, enterprises are diversifying their AI-related spending across a range of services and models. They assessed that overall investment in the AI market continues to grow, and projected that demand for AI compute infrastructure and data center construction will remain sustained.