Anthropic reportedly hit $16.8 billion in revenue in three months

On October 14, Anthropic, the company behind the Claude models, gathered investors behind closed doors at its San Francisco offices to prepare for its initial public offering. What was said there was not made public. What we know comes from the press: Bloomberg, Reuters and the Financial Times, picked up by several outlets, report that its revenue reached $16.8 billion in the third quarter of 2026.

That would be roughly 45% to 46% more than in the second quarter ($11.5 or $11.6 billion, depending on the source). These figures appear in no public document, and Anthropic has issued no statement on the matter.

What was reportedly presented

• "Adjusted" profitability for the second consecutive quarter and positive cash flow, according to Bloomberg, cited by the financial analysis site TradingKey.
• About $1.70 in revenue for every dollar spent on computing power in the third quarter, according to the Financial Times, cited by several outlets.
• A valuation of $1.8 to $2 trillion, deemed reasonable by investors quoted in the press. The May funding round had valued the company at $965 billion.

What is "adjusted" profitability worth?

Hard to say without the accounts. "Adjusted" does not mean profitable in the accounting sense. TradingKey points out that these metrics generally exclude certain costs, such as stock-based compensation. No full income statement has been published to check what was left out. The site also notes that part of the sales made through AWS and Google Cloud would be recorded on a gross basis. A direct comparison with OpenAI, which uses a different method, is therefore not possible.

The starting point remains heavy. According to excerpts from the draft prospectus revealed by Reuters in late September, Anthropic generated about $4.6 billion in revenue in 2025, for a net loss of about $42 billion. The company has reportedly already signed $518 billion in computing power commitments. And its growth is slowing: it exceeded 100% quarter over quarter in the second quarter.

When will the real accounts be public?

Anthropic confidentially filed a draft prospectus with the US stock market regulator (SEC) on June 1. Bloomberg mentions an investor roadshow starting the week of November 9, for a listing before Thanksgiving, on November 26. Reuters, for its part, places the operation after the midterm elections on November 3. According to an analysis published on Yahoo Finance, US rules require the prospectus to be made public at least fifteen days before the roadshow. That would mean around October 25 if the schedule holds.

For European companies that use Claude, this prospectus will provide audited accounts for the first time: real margins, dependence on cloud providers, the weight of computing commitments. These are useful elements for judging the strength of a supplier that some teams already rely on every day. Investors are not the only ones asking questions, either: Brussels sent a request for information to Anthropic and OpenAI after AI models under testing hacked real systems.