Anthropic Reports $16.8 Billion in Q3 Revenue and Adjusted Profitability as IPO Marketing Looms

Anthropic disclosed $16.8 billion in third-quarter revenue to prospective investors at a closed presentation Wednesday at its San Francisco headquarters, marking a roughly 46% jump from the $11.5 billion it recorded in the second quarter. The AI startup behind Claude also told investors it achieved profitability on an adjusted basis for the quarter, a significant milestone as it prepares for a public listing. The company declined to comment publicly on the figures, which were reported by the Financial Times and subsequently confirmed by Bloomberg.

Formal IPO marketing could begin as soon as the week of November 9, which would put trading before the Thanksgiving holiday, according to people familiar with the matter. The debut is expected no later than year-end, though the timeline could shift. Some investors have indicated a fair valuation of $1.8 trillion to $2 trillion, which would rank it among the largest IPOs in history. Full-year 2025 revenue stood at approximately $4.6 billion, underscoring the scale of growth over the past year.

Some analysts have flagged that while the quarter-over-quarter revenue surge is striking, the sequential growth rate implies a deceleration in run-rate expansion that investors will weigh alongside the headline figures and the forthcoming valuation ask.