Anthropic Reports $16.8B Q3 Revenue Amid Slowing Growth Ahead of November IPO

Anthropic achieved $16.8 billion in third-quarter revenue, a roughly 45 percent jump from the second quarter, though growth has slowed compared to the Q1-Q2 surge driven by Claude Code demand. The company reported an adjusted operating margin of 11% for the year through Q3 and is cash-flow positive, generating $1.70 in revenue for every dollar spent on compute. Anthropic estimates 5 to 7 percent of its revenue comes from distillation, which is expected to decline following the rollout of countermeasures. The planned November IPO faces investor skepticism due to slowing growth, despite the company's private valuation reaching $965 billion in May.