TLDR
- Anthropic told investors its Q3 revenue reached $16.8 billion, up from $11.5 billion in Q2.
- The company said it was profitable on an adjusted basis for the second quarter in a row.
- Revenue growth slowed from earlier in 2026 and came in below some expectations.
- Anthropic is expected to hold its IPO this fall, with Wall Street eyeing a $2 trillion valuation.
- OpenAI plans to delay its IPO until early 2027, according to Bloomberg.
Anthropic told investors its third-quarter revenue rose to $16.8 billion, the Financial Times reported on Wednesday. The report cited people familiar with the matter.
Revenue was $11.5 billion in the second quarter. That is a jump of roughly 45% to 50%, depending on the report.
The AI startup shared the figures at a closed meeting with investors in San Francisco. The day of presentations came ahead of its expected November IPO.
Profit and cash flow
Anthropic said it was profitable on an adjusted basis in the third quarter. It was the second quarter in a row of reported profit.
The company also said it was cash flow positive. It reported $1.70 in revenue for every $1 spent on computing power.
The Financial Times said growth has slowed from earlier in 2026. The pace was also below some expectations.
Annualized revenue is expected to come in below $100 billion. That is a figure investors have followed closely.
Last week, Anthropic launched Claude Haiku 5.5. The company said it costs 75% less on average than Haiku 4.5.
Customers pay $0.10 per million input tokens and $0.50 per output token. That matches the price of OpenAIās smallest model, GPT-6 Luna.
IPO plans and competition
Anthropic privately filed its S-1 with the Securities and Exchange Commission on June 1. Wall Street is still waiting for the public version.
The IPO is expected this fall. The Street is eyeing a record valuation of $2 trillion.
OpenAI plans to wait until early 2027 for its IPO, Bloomberg reported. It is looking to raise $30 billion at a $1.4 trillion valuation.
The Financial Times also reported that investors cut their estimate of OpenAIās annualized revenue from $70 billion to $50 billion. They had made an error while comparing it to Anthropicās run rate.
The Financial Times said Anthropic has lagged OpenAI in recent months, after OpenAI released GPT-6 Astra. Cheaper Chinese AI models are also competing for customers.
Earlier this month, President Trump met AI leaders, including Anthropic CEO Dario Amodei. They signed an agreement for independent auditors to review their models for suspicious behavior.
Nvidia shares were down 3.16% on Thursday, according to Investing.com.
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