Anthropic, the company behind the Claude family of AI models, told prospective investors that its revenue jumped 45% to $16.8 billion in the July-September quarter and that it was profitable on an adjusted basis. The figures, shared at an investor day at its San Francisco headquarters on Wednesday, 14 October 2026, come ahead of a stock market listing expected as soon as November.
But the numbers have not fully settled nerves. According to Reuters, some investors are now discussing a valuation of around $1.5 trillion, well below the roughly $2 trillion many had expected, because revenue growth slowed compared with the previous quarter.
Here is what Anthropic disclosed, why investors are cautious and why the listing matters beyond one company.
The numbers Anthropic shared
According to the BBC and Reuters:
- Third-quarter revenue: $16.8 billion, up 45% from the second quarter
- Second-quarter revenue: $11.6 billion
- First-quarter revenue: $4.7 billion
- Profitability: an adjusted profit in the third quarter
Adjusted profit is an accounting measure that leaves out certain costs, such as one-off items. It is not the same as net profit under standard accounting rules, and Anthropic has not published full audited results for the quarter.
The figures were shared privately with investors and have been reported by news organisations based on people familiar with the matter. Anthropic did not immediately respond to Reuters' request for comment.
Why investors are tempering expectations
On the surface, 45% growth in a single quarter is extraordinary. The concern is the comparison. Revenue more than doubled from the first quarter to the second, and the pace slowed in the third.
Reuters reported, citing four people familiar with the matter, that some existing and prospective investors are weighing a lower valuation after the disclosures. Three of them said some attendees discussed a valuation of around $1.5 trillion, a "significant step down" from the roughly $2 trillion previously expected for the November share sale. The Information had earlier reported that investors were considering a lower valuation.
The meeting was attended mostly by Anthropic's most prominent investors, who met chief executive Dario Amodei and finance chief Krishna Rao, according to Reuters.
A market already on edge over AI spending
The timing is difficult. A sell-off in technology shares has hit chipmakers, AI infrastructure firms and so-called neocloud companies that rent out computing power. Reuters said shares and bonds of Nvidia-backed CoreWeave tumbled on Thursday amid concern that the AI build-out is increasingly financed with borrowed money.
The BBC reported that chip stocks including AMD, Nvidia and Intel fell sharply on Wednesday, while SoftBank dropped more than 9% in Tokyo on Thursday and Samsung and SK Hynix fell 9.5% and 11% respectively. Part of the pressure came from comments by Broadcom chief executive Hock Tan, who said many investors have "no clue" and have set "extreme expectations," and from US inflation data that came in hotter than expected.
This is the same dynamic we described in our report on how private AI lab revenue became Wall Street's most-watched number: figures from companies that are not even listed now move the shares of the firms that supply them.
The cost side of the story
AI companies spend enormous sums on chips, data centres and cloud computing. Reuters reported that Anthropic has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.
Last year, according to Reuters, Anthropic's revenue rose about twelvefold to nearly $4.6 billion while it lost more than $8 billion on an operating basis, excluding certain write-downs. Turning rapid revenue growth into durable profits, at the same time as funding that build-out, is the central question for potential shareholders.
Anthropic's backers include Alphabet's Google and Amazon, which are investors, suppliers of computing power and distribution partners, and also competitors in AI.
Safety on the agenda
Anthropic also emphasised safety at the event, the BBC reported. Amodei has called for the pace of AI development to slow, and the company said in September that it had disrupted attempts to misuse its model for activity that could support biological weapons development. For many investors, how an AI company manages these risks is becoming part of how it is valued.
Why this IPO matters
Reuters notes that investors see the near-term prospects of the wider AI market as hinging largely on the success of Anthropic's share sale, followed by a potential OpenAI listing next year. A strong debut would support the case that AI spending can pay off. A weak one could deepen worries about an AI bubble, a risk we examined in our piece on the IMF's AI bubble warning.
The IPO market has also had setbacks. Reuters said data centre operator SB Energy delayed its listing last month, and nuclear technology company Holtec Nuclear withdrew its plans to go public.
What to watch next
Key details to look for in the coming weeks include the final IPO price range and valuation, the exact listing date, and whether Anthropic publishes fuller financial statements as part of the process. Investors will also watch how quickly revenue grows in the current quarter, and whether the broader tech sell-off eases.
For anyone new to the company's products, our beginner's guide to Claude AI explains what the models actually do.
FAQ
How much revenue did Anthropic make last quarter? Anthropic told investors its revenue for July-September 2026 was $16.8 billion, up 45% from $11.6 billion in the previous quarter.
Is Anthropic profitable? It said it was profitable on an adjusted basis in the third quarter. Adjusted figures exclude some costs, so this is not the same as standard net profit.
What valuation is Anthropic expected to get? Reuters reports some investors are discussing around $1.5 trillion, down from roughly $2 trillion previously expected. Nothing is final until the IPO is priced.
Sources
- Reuters via CNA: Investors temper Anthropic IPO valuation expectations over revenue growth slowdown, sources say (15 October 2026)
- BBC: AI giant Anthropic woos potential investors ahead of stock market debut (15 October 2026)
- Bloomberg: Anthropic revenue hits $16.8 billion in quarter before IPO (14 October 2026)
