Anthropic’s revenue reportedly jumped about 46% in the third quarter to roughly $16.8 billion, as the company lines up what could be a record stock-market debut. The catch: the numbers come from anonymous sources, and growth is slowing.
The Numbers Reported
According to the Financial Times, as summarized by blogger Simon Willison, Anthropic told investors that quarterly revenue went from about $4.8 billion in January–March to $11.5 billion in April–June and $16.8 billion in July–September. Euronews, citing the FT and Bloomberg, adds that the company posted an adjusted profit for the second quarter in a row, with an 11% operating margin that excludes certain costs, and $1.70 of revenue for every $1 spent on computing power.
Those are “adjusted” figures. On standard accounting, Euronews reports, Anthropic lost $42 billion in 2025 on $4.6 billion in revenue, mostly from $34 billion in accounting charges tied to past fundraising, according to a draft prospectus reported last month.
The IPO Timeline
Anthropic reportedly filed confidentially for a US listing in June and has not published a full prospectus. Reports say it is aiming for November, after the midterm elections, at a valuation of up to $2 trillion, with Goldman Sachs and Morgan Stanley leading. Bloomberg reports marketing could start as early as the week of Nov. 9. For scale, Euronews notes that would top the roughly $1.8 trillion SpaceX priced at in June and is about double the $965 billion valuation from Anthropic’s $65 billion private raise in May.
The Catch
Euronews, citing the FT, says the results fell short of some investors’ hopes and that “growth is slowing,” after revenue more than doubled from the first quarter to the second. Annualized revenue is reportedly on track to end 2026 below $100 billion, under what several backers expected. SemiAnalysis puts the current run rate near $74 billion.
Competition matters too. OpenAI was reportedly approaching $50 billion in annualized revenue at the end of September, though the two companies count revenue differently, so the figures can’t be compared directly. Reports say cheaper Chinese models are a risk to Anthropic’s sales.
What It Means for Everyday Investors
If the listing happens, the company would be open to ordinary investors for the first time, but a headline valuation is not a forecast of returns. Most of these details come from people familiar with the matter, not from Anthropic itself, and a published prospectus would be the first look at audited numbers. (This is general information, not investment advice.)
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