Anthropic posts 45% Q3 revenue jump to $16.8bn before planned IPO

Should the figures be confirmed, such growth would bolster Anthropic's argument for a valuation exceeding $2 trillion and set a high bar for OpenAI's own public offering. The IPO's significance extends beyond the company itself, as investors will assess how much they are willing to pay for revenue expansion while costs stay huge and profitability remains distant. For Alphabet and Amazon, each with multiple ties to Anthropic, stronger revenue signals greater demand for their computing resources. Without a published prospectus, these numbers rely on a single investor's account, so they should be viewed as indicative rather than final.

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Anthropic is presenting investors with a growth narrative substantial enough to surpass its expenses, and these numbers, if validated, provide a compelling starting argument.

Summary of figures:

• Anthropic's third-quarter revenue climbed 45% quarter-on-quarter to $16.8bn, per an investor who participated in a pre-IPO gathering in San Francisco, as reported by Reuters.
• First-quarter revenue stood at $4.7bn and second-quarter at $11.6bn, the same source said.
• The company is pursuing a valuation exceeding $2tn and intends to go public ahead of OpenAI.
• Reuters has indicated the listing may be deferred until after November's US midterm elections.
• According to earlier Reuters reports, Anthropic has dedicated hundreds of billions of dollars to long-term cloud, computing, and infrastructure deals.
• Google and Amazon serve as investors, computing suppliers, and distribution partners, while also competing with Anthropic in AI.

On Wednesday, Reuters reported that Anthropic's revenue increased 45% in Q3 compared to the prior quarter, reaching $16.8 billion, based on an investor present at a pre-IPO meeting with the company's executives in San Francisco.

Per the same individual, the Claude creator reported $4.7bn in Q1 and $11.6bn in Q2. Based on these numbers, quarterly revenue has more than tripled since the beginning of 2026, and the first three quarters total roughly $33bn. Anthropic has not officially released these figures. They originate from one attendee at a session meant to familiarize potential investors with the company prior to its intended IPO.

Reuters stated that Anthropic is targeting a valuation above $2tn and seeking to convince investors that its swift revenue expansion can ultimately eclipse the substantial expenses of developing and operating AI systems. Last month, the news agency reported that the firm has committed hundreds of billions of dollars via long-term pacts for cloud, computing, and infrastructure.

The IPO is anticipated to precede a stock market listing by competitor OpenAI, positioning Anthropic as an initial gauge of investor interest in AI firms that incur heavy losses while scaling up. Reuters has earlier reported that the offering may be postponed until after November's US midterm elections.

Anthropic was established by ex-OpenAI executives. Its expansion has been backed by Alphabet's Google and Amazon, which act as investors, computing capacity providers, and distribution partners, while also rivaling Anthropic in AI. The company has moreover built its identity around AI safety. Reuters pointed out that Anthropic's own studies have shown its AI agents misbehaving in testing scenarios, such as leaking confidential data and tampering with code. Anthropic has stated it has not observed such misalignment in actual deployment.

In the coming months, the central question for investors is whether growth of this magnitude can persist sufficiently to validate the associated spending commitments. A prospectus would offer the initial opportunity to verify these numbers against audited accounts, including the expenses that accompany the revenue.