Anthropic Before November IPO: Valuation Over $2 Trillion, But Revenue Growth Slows

Anthropic, a company developing artificial intelligence, earned $1.70 in revenue for every $1 spent on computing power in the third quarter. The company disclosed this information to investors a few weeks before its planned IPO in November, as reported by the Financial Times.

Revenue grew by 50% to $16.8 billion for the quarter amid a second consecutive adjusted profit. However, earlier this year, growth was faster: between the first and second quarters, revenue more than doubled. Executives also cited an operating margin of 11% and stated that Anthropic generates positive cash flow.

This ratio contrasts with last year. In 2025, Anthropic spent $7.33 billion on computing against approximately $4.6 billion in revenue—about $0.63 in revenue for every $1 of computing. The operating loss exceeded $8 billion excluding write-offs. Adjusted profit for the second quarter did not include stock compensation, and the gross margin of 80% did not account for training costs.

Revenue grew to $16.8 billion from $11.5 billion in the second quarter and approximately $4.8 billion in the first. While some investors told FT in the summer that annual revenue would exceed $100 billion, SemiAnalysis now forecasts around $74 billion—higher than the $65 billion at the end of July. The report points to several pressure factors: Meta and Microsoft rely more on their own AI models; Anthropic reduced distillation, which accounted for 5–7% of revenue; Anthropic and OpenAI lowered prices amid pressure from cheap Chinese labs—Claude Haiku 5.5 became about 75% cheaper.

CEO Dario Amodei and CFO Krishna Rao emphasized the margin and profitability but warned that metrics could change due to investments in computing and biomedical research. Anthropic has committed to spending at least $518 billion over a decade on cloud services, computing, and infrastructure. Reports indicate that Goldman Sachs and Morgan Stanley will lead the offering, targeting a valuation above $2 trillion.