Anthropic向投资者披露季度收入环比增长近50%至168亿美元，IPO筹备中
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
Anthropic在IPO筹备期间于周三接待投资者，据FT报道披露季度收入约48亿美元（Q1）、115亿美元（Q2）、168亿美元（Q3），环比增长近50%。Q3每1美元算力支出带来1.70美元收入，剔除股权激励后的调整后营业利润率为11%；蒸馏收入占比5%至7%，Q3已大幅削减，作者据此估算Q2有其他实验室花费超过5亿美元蒸馏Anthropic模型。
原文整理了Anthropic向投资者披露的收入、利润率与蒸馏收入占比等关键数字，读者可以借此了解其IPO前的经营状况。
15th October 2026 - Link Blog
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO. The phrase "told investors" appears four times in this FT article, which reports on Anthropic's day of hosting investors on Wednesday. Lots of details in here from "people with knowledge of the matter".
Key things I learned from the article:
- Q1 revenue (Jan/Feb/Mar) was "about $4.8bn"
- Q2 (Apr/May/Jun) was $11.5bn
- Q3 (Jul/Aug/Sep) was $16.8bn
- In Q3: $1.70 in revenue for every $1 spent on "computing power"
- Adjusted operating margins (excluding stock-based compensation) were 11%
This point about distillation is worth quoting in full (highlight mine):
The start-up has also clamped down on “distillation” — a controversial practice whereby rival AI labs train their models on the outputs of more advanced ones.
When rival companies “distil” their models from Anthropic’s models, that involves heavy usage and spending.
Anthropic told investors on Wednesday distillation accounted for 5 per cent to 7 per cent of revenue and that they had cut it back “materially” in the third quarter of the year, said four people with direct knowledge of the matter.
Napkin maths says that if distillation was 5% of their Q2 revenue (before they cut it back in Q3) then unnamed "other labs" spent over half a billion dollars distilling Anthropic's models in that quarter!
来源：Simon Willison · simonwillison.net