Anthropic has informed potential investors of its third-quarter revenue growth to $16.8 billion. The company is confidently heading towards an initial public offering (IPO), expecting a valuation in the range of $1.8–2 trillion.
Anthropic has informed potential investors of its third-quarter revenue growth to $16.8 billion. The company is confidently heading towards an initial public offering (IPO), expecting a valuation in the range of $1.8–2 trillion.
During a presentation for investors at its San Francisco headquarters, Anthropic representatives announced that it had reached adjusted profitability. According to the results of the third quarter, the company showed positive free cash flow, an adjusted gross margin of 85% and an operating margin of more than 11%, Bloomberg reports .
Official marketing for the IPO is scheduled to begin as early as November 9, allowing the company to debut on the stock exchange by Thanksgiving in the US (or at most by the end of the year). According to sources, the scale of capital raised could match or even exceed the results of SpaceX's record-breaking IPO, which took place in June.
Anthropic reported $16.8 billion in revenue in the third quarter, with an impressive 900% Net Revenue Retention, reflecting the rapid growth in spending by existing customers on the company's products. The developer's Compute Margin (revenue minus computing power costs) exceeded 40%.
Current results significantly exceed the indicators of previous years: if in 2024 revenue was only $386 million, and in 2025 it grew to $4.6 billion, then the gigantic investments in infrastructure in the same 2025 led to a net loss of almost $42 billion.
Despite the impressive year-on-year jump, analysts are noting a slowdown in growth compared to the second quarter, fueling discussions about possible "overheating" of AI sector valuations.
Gary Tan, portfolio manager at Allspring Global Investments: “The slowdown since Q2 shifts the focus from revenue headlines to revenue quality, margins and whether Anthropic’s massive computing commitments can deliver the returns they deserve. Investors are increasingly demanding evidence that computing spending is translating into sustainable profits.”
Pressure from its main competitor, OpenA, is also growing. An additional risk factor is concerns about the security of artificial intelligence after a series of high-profile incidents involving hacker attacks involving autonomous AI agents.
