Anthropic Discloses $16.8B Q3 Revenue Ahead of IPO

What happened

Anthropic hosted a pre-IPO investor day on October 14, briefing institutional investors in a closed-door meeting on its business and financials. Multiple outlets subsequently reported the revenue figures disclosed there. Anthropic has not yet published its public prospectus, and the IPO timing and pricing are not finalized.

Reuters reported exclusively on October 15 that after Wednesday's investor day in San Francisco, some current and prospective IPO investors discussed valuing Anthropic at around $1.5 trillion, down from the roughly $2 trillion previously expected. The company told investors Q3 revenue rose 45% sequentially to $16.8 billion with adjusted profitability, but the slower sequential growth — versus more than doubling from $4.7 billion in Q1 to $11.6 billion in Q2 — disappointed some investors. Anthropic did not respond to requests for comment. Reuters noted a cool IPO reception could deepen market worries about the debt-financed AI buildout.

Key facts

1. Q3 revenue: $16.8 billion, $67.2 billion annualized, up 46% from Q2's $11.5 billion.
2. Slower growth: Sequential growth was 143% in Q2 vs Q1, falling to 46% in Q3; the annualized run rate already reached $65 billion in July, only slightly below Q3's $67.2 billion.
3. Profitability: The company said it is profitable on an "adjusted basis".
4. IPO plans: The IPO is expected next month, targeting a valuation near $2 trillion on Nasdaq.
5. Market reaction: The same trading day, the Nasdaq fell 1.9% while CoreWeave crashed 15.5%; Dell, AMD and Snowflake dropped 11.4%, 5.7% and 6.3% respectively.