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Anthropic Tells Investors Q3 Revenue Hit $16.8 Billion, Up 45% From Q2, With Adjusted Profit and Positive Cash Flow

Business · By: AIReport Admin · 1 hour ago · 👁 4
Anthropic Tells Investors Q3 Revenue Hit $16.8 Billion, Up 45% From Q2, With Adjusted Profit and Positive Cash Flow

Anthropic told investors its third-quarter revenue reached $16.8 billion, up about 45% from $11.6 billion in Q2, and that it turned an adjusted profit with positive cash flow in the quarter. The figures were disclosed at a pre-IPO investor meeting in San Francisco and are unaudited. The Claude maker is targeting a valuation above $2 trillion in what could be the largest IPO on record.

Anthropic has told prospective investors that its third-quarter revenue jumped to $16.8 billion, up roughly 45% from the previous quarter, according to an attendee of a pre-IPO investor meeting held in San Francisco on Wednesday. The Financial Times first reported the figures, and Reuters corroborated them through a person who attended the session.

The trajectory is steep. Anthropic's revenue was $4.7 billion in the first quarter and $11.6 billion in the second, the person said. On that basis, the Claude developer added more than $5 billion of quarterly revenue in three months — a pace that, if sustained, would put its annualized run rate well above $60 billion before the end of the year.

More significant than the revenue line is what the company said about profitability. Anthropic told investors it turned a profit in the third quarter on an adjusted basis — meaning revenue covered its adjusted operating costs, which exclude items such as stock-based compensation — and generated positive cash flow in the quarter. Both claims are company-disclosed and unaudited, and the adjusted framing matters: the startup is still spending enormously on chips and data centers, its single largest expense.

The disclosure came at an investor day designed to familiarize prospective buyers with Anthropic's financials ahead of what is widely expected to be the most valuable IPO in history. The company is targeting a valuation above $2 trillion, and Reuters has reported that the listing will likely wait until after the November midterm elections. That would put Anthropic's debut ahead of rival OpenAI's planned public offering.

The scrutiny around those numbers is intense for a reason. Anthropic has committed hundreds of billions of dollars in future spending under long-term agreements for cloud services, computing and infrastructure — commitments Reuters exclusively detailed last month — and its expansion rests on Google and Amazon, which are simultaneously investors, suppliers and distribution partners, even as they build competing models.

Second-quarter filings had already shown Anthropic overtaking OpenAI in quarterly revenue, and Wednesday's update extends that lead. The question investors will press at roadshow time is whether a 45% quarterly growth rate can outrun the fixed costs of frontier-scale compute — or whether the adjusted profit, like the revenue, is a snapshot of an unusually good quarter rather than a durable margin.

What the disclosure does establish is the shape of the IPO pitch: Anthropic is no longer presenting itself as a money-losing safety lab riding on cloud credits, but as a business that claims to have crossed into profitability while still compounding revenue at venture pace. Whether the public market credits that story will become clear when the filing lands — most likely, once the midterms are over.

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