Anthropic reported a revenue-to-compute ratio of 1.70 USD for the third quarter, marking a shift from 0.63 USD in 2025. The company achieved 16.8 billion USD in revenue during the quarter, representing a 50% increase. Despite this, growth has decelerated compared to the first half of the year, when revenue more than doubled between the first and second quarters.
The company reported an operating margin of 11% and positive cash flow. However, annual revenue projections have been revised downward. While some investors previously anticipated 100 billion USD, SemiAnalysis now forecasts approximately 74 billion USD for the year. This adjustment follows growth pressures, including clients like Meta and Microsoft shifting toward in-house model development.
Additional factors impacting revenue include a reduction in distillation usage, which previously accounted for 5% to 7% of income, and intensified price competition from Chinese labs. Anthropic recently lowered the price of Claude Haiku 5.5 by 75%. Despite these headwinds, executives Dario Amodei and Krishna Rao emphasized current profitability at a recent investor event.
Anthropic has committed at least 518 billion USD over the next decade to infrastructure, cloud services, and computing. The company is preparing for an IPO in November, with Goldman Sachs and Morgan Stanley leading the offering. The proposed valuation for the company is set above 2 trillion USD, supported by the financial data shared with private investors.
