Anthropic's revenue surged 45% to $16.8 billion in the third quarter, up from $11.6 billion in Q2, as the AI startup prepares for a public offering targeting a valuation exceeding $2 trillion, according to an investor who attended a pre-IPO meeting in San Francisco. The company reported adjusted profitability in Q3, marking a significant milestone ahead of its anticipated IPO.
The revenue growth reflects a rapid scale-up from $4.7 billion in the first quarter, demonstrating Anthropic's accelerated business expansion. The pre-IPO investor day aimed to familiarize potential investors with the company's financials and growth trajectory. The IPO is expected to occur after the November US midterm elections, positioning Anthropic as an early test of investor appetite for large-scale AI developers with substantial operating costs.
Anthropic's financial performance comes amid heightened scrutiny of AI firms investing heavily in chips, data centers, and computing infrastructure to support advanced AI models. The company is seeking to convince investors that its fast revenue growth can offset the significant expenses of developing and running AI systems. Last year, Anthropic's revenue increased twelvefold to nearly $4.6 billion, despite losses exceeding $8 billion, underscoring the capital-intensive nature of the AI sector.
Anthropic's upcoming IPO will precede a public listing by rival OpenAI, setting a benchmark for the valuation and financial viability of AI startups. The company's adjusted profitability in Q3 and its $16.8 billion revenue figure will be key metrics for investors assessing the IPO's prospects.