Anthropic Q3 Revenue Surges 45% to $16.8B Ahead of IPO

Anthropic's third-quarter revenue reached $16.8 billion, up 45% from the second quarter. An investor at a pre-IPO meeting in San Francisco provided the figure.

• $4.7 billion in first-quarter revenue, the investor said.
• $11.6 billion in second-quarter revenue.
• $2 trillion-plus valuation is Anthropic's reported target.
• Google and Amazon are investors, suppliers, partners and competitors at once.

Why it matters: Anthropic must persuade investors that revenue growth can eventually outpace the cost of building AI. The company remains heavily unprofitable.

• Company committed hundreds of billions to long-term cloud and computing deals.
• Its IPO is expected to come before OpenAI's public listing.

How 13 sources split on this story

What’s next: The public debut is likely to be pushed past the November midterm elections. Reuters reported the expected delay.

• Will investors value a company with large losses at more than $2 trillion?
• Can revenue growth keep pace with Anthropic's long-term spending commitments?