Anthropic posts $16.8 billion in third-quarter revenue

Anthropic told investors at a pre-IPO meeting at its San Francisco headquarters on October 14 that revenue reached $16.8 billion in the third quarter and that the company had achieved adjusted profitability in the period, according to 36Kr, which published an article from Tencent Tech.

Third-quarter revenue rose 45% from $11.6 billion in the second quarter, which followed $4.7 billion in the first quarter. For full-year 2025, the company recorded revenue of $4.6 billion, an operating loss of more than $8 billion and a net loss that the article put at close to $42 billion, a figure affected by the revaluation of financing-related liabilities.

Adjusted profit excludes items such as portions of equity compensation and asset impairments and is not equivalent to net income under generally accepted accounting principles.

Anthropic's IPO roadshow is planned for less than a month after the meeting. Market valuation expectations run from $1.8 trillion to $2 trillion. The company has committed to spend at least $518 billion on cloud services, computing power and infrastructure over the next 10 years. Google and Amazon are both investors and computing suppliers, and distribute Claude models through their cloud platforms.

This story was first reported by 36 Kr.