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Anthropic reportedly told investors that third-quarter revenue reached $16.8 billion, up from $11.6 billion in the second quarter, and that it was profitable on an adjusted basis for a second consecutive quarter. The figures come as the company prepares for a possible November IPO, while annualized revenue forecasts have reportedly been revised down from earlier expectations.
Anthropic told investors its third-quarter revenue rose to $16.8 billion and that it posted adjusted profit for a second consecutive quarter, according to a Financial Times report published late Wednesday. The reported results arrive as the AI company seeks investor support for a possible November IPO, though Anthropic has not publicly confirmed the figures or its listing plans in the material available. The potential IPO disclosure document may offer further context.
The Financial Times said it based its account on people familiar with the matter. The reported third-quarter revenue compares with $11.6 billion in the second quarter and $4.8 billion in the first quarter. Those figures indicate a continuing rise across the first three quarters, but the report also said Anthropic’s growth had slowed compared with earlier in the year and was below some backers’ expectations.
Anthropic held a full-day investor meeting at its San Francisco office on Wednesday, October 14, according to the report. Executives presented the company’s safety-focused approach, growth and improved efficiency as strengths ahead of a potential public offering. Multiple sources told the FT the company described itself as profitable on an adjusted basis in the third quarter for the second quarter in a row. Adjusted profit is a company-defined measure and does not, by itself, establish profitability under standard accounting rules.
Anthropic did not provide an updated annualized revenue figure at the meeting, the FT reported. The article cited research group SemiAnalysis as projecting sales at roughly $74 billion on an annualized basis. That estimate is below the more than $100 billion in year-end annualized revenue that some investors had expected during the summer, according to the FT. The Wall Street Journal separately reported that investors expect Anthropic to reach $110 billion in annualized revenue by year-end, illustrating the range of forecasts rather than a company-confirmed target.
Revenue Growth Meets IPO Scrutiny
The reported revenue and adjusted profit offer potential public-market investors evidence of rapid sales growth and improving operating performance. But the differing revenue forecasts also point to a key issue for a prospective IPO: whether Anthropic can sustain its expansion at the pace investors previously anticipated. The distinction between reported quarterly revenue and annualized projections matters because the latter extrapolate a run rate and are not confirmed full-year results.
The figures also land amid wider investor concerns about the AI sector, which the source report says Anthropic is working to address as it builds support for a listing. If the company proceeds, investors will likely scrutinize both its growth and the durability of demand, as well as how it defines adjusted profitability. The reported results are not a guarantee of future performance, and no valuation or offering terms were provided in the source material.
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How Revenue Forecasts Shifted
The reported quarterly figures show revenue rising from $4.8 billion in Q1 to $11.6 billion in Q2 and $16.8 billion in Q3. The FT described the pace of growth as slower than earlier in the year and below some backers’ expectations. It also reported that investors had lowered their annualized revenue projections over the preceding three months.
Joey Brookhart, an analyst covering AI laboratories at SemiAnalysis, told the FT that investors had been revising those projections downward. The report linked weaker expectations in part to major customers, including Meta, increasingly using their own AI tools. That account provides one explanation reported by the FT, not a complete assessment of Anthropic’s customer demand or competitive position.
Earlier summer expectations cited by the FT were that Anthropic could exceed $100 billion in annualized revenue by year-end. The newer SemiAnalysis projection of roughly $74 billion and the Wall Street Journal’s report of investor expectations near $110 billion are estimates from different sources, not audited results or guidance issued by Anthropic.
IPO Plans and Forecasts Remain Open
The revenue and adjusted-profit figures in the report have not been independently confirmed in the supplied source material, which attributes them to people familiar with Anthropic’s investor presentation. The company’s definition of adjusted profit, the amount of that profit and any reconciliation to standard accounting measures are not provided.
It is also unclear whether Anthropic has formally decided to list in November, filed required paperwork, selected underwriters or set a target valuation. The annualized revenue figures are forecasts from outside sources, and the gap between the approximately $74 billion SemiAnalysis projection and the $110 billion expectation reported by the Wall Street Journal remains unexplained. The report does not specify how much of the revenue came from particular products, customers or recurring contracts.
Investor Preparations and Listing Details
The immediate next milestone is whether Anthropic confirms the reported results or provides additional financial information as its IPO preparations continue. The source report says executives used the October 14 meeting to make the case to investors for a November offering, but it does not establish that a listing date has been set.
Investors will need further details on the company’s accounting, revenue composition, customer concentration, growth outlook and offering terms to evaluate the reported numbers. Any formal filing or company announcement would clarify the timing and structure of a potential IPO. Until then, the financial figures and listing timetable remain based on reporting attributed to sources familiar with the meeting and on third-party forecasts.
Key Questions
What third-quarter revenue did Anthropic reportedly report to investors?
The Financial Times reported that Anthropic told investors its third-quarter revenue was $16.8 billion. The figure has not been independently confirmed in the supplied source material.
Was Anthropic profitable in the third quarter?
According to multiple sources cited by the FT, Anthropic told investors it was profitable on an adjusted basis for a second consecutive quarter. The report did not state the profit amount or explain the adjustments.
Is Anthropic’s IPO confirmed for November?
No formal listing date is confirmed in the source material. The FT reported that Anthropic was preparing for a possible November IPO and seeking investor support.
Why do reported annualized revenue estimates differ?
The FT cited a SemiAnalysis projection of roughly $74 billion annualized, while the Wall Street Journal reported investor expectations of $110 billion by year-end. These are estimates from different sources, not company-confirmed results or guidance.
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