Anthropic Revenue Jumps 46% to $16.8 Bn Ahead of IPO

Anthropic reported a sharp increase in quarterly revenue to $16.8 billion in the third quarter of 2026, up from $11.6 billion in the previous quarter, as the AI startup prepares for a potential stock market listing in November. 

In a meeting with investors in San Francisco, the company said it was profitable on an adjusted basis and generated positive cash flow during the quarter.

These figures are important because training and operating advanced AI models require substantial spending on chips, cloud computing and data centres.

Although Anthropic’s revenue continued to climb, the pace of growth slowed compared with earlier in the year. The latest increase was about 45% quarter-on-quarter, compared with more than 140% growth between the first and second quarters. 

Anthropic reported revenue of  $4.7 billion in the first quarter and $11.6 billion in the second quarter.

The slowdown comes amid growing competition from OpenAI and other AI developers. Anthropic’s Claude Code product has helped drive demand, but investors are assessing whether the company can maintain its momentum as customers explore alternatives and develop their own AI tools.

Anthropic has also committed more than $500 billion towards computing capacity and infrastructure over the next decade, adding to questions about how much capital it will need to sustain its expansion.

Anthropic is preparing for a potential November listing that could value the company at more than $2 trillion.

The proposed valuation would place it among the world’s most highly valued technology businesses and make its public debut a major test of investor demand for AI companies.

Investors will weigh its rapid revenue growth against slowing quarterly growth, intense competition and the capital required to build and operate AI infrastructure. The company’s public filings are also expected to provide greater clarity on its financial position and the risks associated with developing advanced AI systems.