IPOs
Anthropic's revenue rose 45% to $16.8 billion, and some investors now see a lower valuation
By the newsroom · · 1 min read · ▶ 0:57
The essentials
- Anthropic told prospective IPO investors its third-quarter revenue jumped 45% to $16.8 billion.[1]
- Some investors discussed a valuation of around $1.5 trillion, down from the roughly $2 trillion previously expected.[1]
- Anthropic said it was profitable on an adjusted basis in the third quarter.[2]
- The initial public offering is reportedly slated for November.[2]
What happened
Anthropic presented its numbers at an investor day on Wednesday in San Francisco.[1] Revenue rose from $11.6 billion in the second quarter, with first-quarter revenue at $4.7 billion.[2] Some investors were disappointed by the slowing sequential growth rate.[1]
Free newsletter
The market stories that matter. Sourced, no hype.
What the video doesn't say
Anthropic reported a loss of $42 billion in 2025 in its IPO prospectus, according to Reuters.[1] Excluding writedowns mostly tied to previous fundraising, it lost more than $8 billion on an operating basis last year.[1] Investors expect Anthropic to reach $110 billion in annualized revenue by year-end, according to The Wall Street Journal.[2] Anthropic was founded in 2021 by former OpenAI executives, including Dario Amodei.[1]
What's next?
The initial public offering is reportedly slated for November.[2] OpenAI's potential listing is expected next year.[1]
Sources
- 1Investors temper Anthropic IPO valuation expectations over revenue growth slowdown, sources say By ReutersInvesting.com · October 15, 2026
- 2Anthropic's third-quarter revenue is said to hit $16.8 billion ahead of IPOCNBC · October 15, 2026
Photos: TechCrunch (CC BY 2.0), Yair-haklai (CC BY-SA 4.0), Jakub Hałun (CC BY 4.0), Xpda (CC BY-SA 4.0), Tedder (CC BY-SA 4.0), Alex Proimos from Sydney, Australia (CC BY 2.0). Cropped.
Free newsletter
The market stories that matter. Sourced, no hype.