Anthropic told prospective investors that its third-quarter revenue jumped to $16.8 billion, up from $11.5 billion in Q2, and that the company was profitable on an adjusted basis in Q3, according to the Financial Times3,4. The AI lab is moving toward what could be the largest initial public offering in history1.
The revenue figures represent a 45% sequential increase, according to Finimize, which cited an investor who attended the meeting and said revenue climbed from $4.7 billion in Q1 to $11.6 billion in Q2 and then $16.8 billion in Q32. The Financial Times separately characterized the Q2-to-Q3 gain as roughly 50%.
Revenue trajectory and cost commitments
The figures were shared at a Wednesday meeting at Anthropic's San Francisco headquarters with a group of institutional investors, according to CNBC, which cited two people familiar with the matter. Bloomberg first reported that the meeting was taking place. Anthropic declined to comment.
Alongside the revenue disclosure, Reuters has reported that Anthropic signed long-term agreements for cloud services, computing, and infrastructure totaling hundreds of billions of dollars in future commitments. Amazon and Google are described as key compute partners and backers of Anthropic while also building competing AI products, a dynamic that can influence pricing and access to capacity.
Anthropic filed confidentially with the Securities and Exchange Commission earlier this year but has not made its S-1 financials public. Reuters has reported that Anthropic will list in November. The Wednesday disclosure marks the first time the company has released third-quarter financials.
Market ripple effects
The disclosure arrives as private AI-lab financials are moving public markets. Last week, confusion around a report detailing OpenAI's revenue and updated accounting dragged down major semiconductor stocks and the broader Nasdaq. OpenAI separately shared an updated revenue figure of $50 billion with current investors as part of an ongoing fundraise.
ANALYSIS By releasing numbers directly to institutional investors before a public S-1, Anthropic is managing the information environment more tightly than OpenAI did, where third-party reporting triggered a sell-off in chip equities.
The adjusted-basis profitability claim, paired with hundreds of billions in future infrastructure commitments, sets up a central tension for the IPO prospectus: near-term margins versus long-term capital intensity.