Anthropic Q3 revenue of $16.8 billion as growth slows; IPO valuation expectations may be cut

On October 15, 2026, The Decoder reported that at a meeting with prospective investors, Anthropic disclosed Q3 revenue of $16.8 billion, up about 45% quarter-over-quarter, far below Q2's growth of more than 140% QoQ, marking a clear slowdown. According to The Information and the Financial Times, the company's adjusted operating margin for the first three quarters was 11%, and it has now been adjusted-profitable for two consecutive quarters; in Q3, every $1 of compute spend generated $1.70 in revenue. Later the same day, Simon Willison cited an FT report that Anthropic hosted investors on Wednesday amid IPO preparations, disclosing Q1 revenue of about $4.8 billion, Q2 about $11.5 billion, and Q3 $16.8 billion, up nearly 50% QoQ (earlier reports said about 45%, later reports nearly 50%); it also disclosed that distillation revenue accounted for 5% to 7%, with a sharp reduction in Q3, leading the author to estimate that in Q2 some other lab had spent over $500 million distilling Anthropic models. The report noted that as growth slows, valuation expectations for the company's IPO planned for November may be revised down. The event is currently in the disclosure and expectation-adjustment stage, with no further follow-up news.

AI overview of reporting · Updated 3 days ago