Anthropic Q3 revenue hits $16.8B as slowing growth weighs on planned November IPO valuation

Anthropic's Q3 revenue hits $16.8B but growth slows ahead of planned November IPO

Anthropic posted $16.8B in third-quarter revenue, up about 45% quarter over quarter, a slower pace that weighs on its planned November IPO valuation. US media report two straight quarters of adjusted profitability, with an 11% adjusted operating margin through Q3, a figure that excludes stock-based compensation and other major costs. Some potential investors were disappointed by the revenue number and expect the listing valuation to fall below $1.5 trillion. Anthropic also told investors that measures blocking knowledge distillation may cut related revenue and drag on this quarter.

Why it matters: Slowing revenue growth disappointed some potential investors, and two quarters of adjusted profit have not eased pressure to cut the IPO valuation.