Anthropic reported a third-quarter revenue of $16.8 billion in 2026, marking a 45% increase from the previous quarter. The company, founded in 2021, reached an annualized revenue pace of approximately $67.2 billion. It also achieved adjusted profitability for the second consecutive quarter.
The startup is preparing for a potential IPO as early as November, aiming for a valuation of $2 trillion. During a private investor presentation, the company stated it generates $1.70 in revenue for every dollar spent on computing capacity and is currently cash-flow positive.
Despite the growth, the rate of revenue expansion has slowed compared to earlier in the year. Investors are scrutinizing the company's long-term financial obligations, which include over $500 billion committed to computing infrastructure over the next decade through deals with Google, Amazon, Microsoft, and Broadcom.
Anthropic faces competitive risks as its major backers, including Amazon, Google, and Microsoft, are also its infrastructure suppliers and direct rivals. Additionally, about 5% to 7% of its revenue comes from model distillation, a practice the company intends to restrict, potentially impacting future earnings.
