Anthropic's third-quarter revenue rose 45% from the previous quarter to $16.8 billion, according to an investor who attended a pre-IPO meeting. The investor attended the meeting with Anthropic leadership in San Francisco on Wednesday. First-quarter revenue was $4.7 billion, according to the investor. Second-quarter revenue was $11.6 billion, according to the investor. Anthropic told the group that the company was profitable on an adjusted basis in the third quarter, the source said. The investor day aimed to familiarize prospective investors with Anthropic before the IPO.
Anthropic is targeting a valuation of over $2 trillion. Anthropic is seeking to convince investors that rapid revenue growth can eventually exceed the enormous costs of building and running AI systems. Anthropic did not immediately respond to an email seeking comment.
Anthropic's IPO is expected to precede rival OpenAI's public listing. The IPO would make Anthropic an early test of investor appetite for heavily unprofitable AI developers pursuing massive scale. Anthropic's public-market debut is likely to be delayed until after the November US midterm elections. Scrutiny of AI companies' finances has intensified as AI companies spend heavily on chips, data centers and computing power to develop and operate increasingly powerful models.
Last year, Anthropic's revenue increased twelvefold to nearly $4.6 billion. However, Anthropic lost more than $8 billion on an operating basis last year, excluding writedowns of various liabilities mostly tied to previous fundraising. Anthropic has committed at least $518 billion over a decade for cloud services, computing and infrastructure.
Former OpenAI executives founded Anthropic, which has emerged as a leading generative AI developer with the Claude family of models. Alphabet's Google and Amazon have supported Anthropic's expansion. Google and Amazon are investors, computing-power suppliers and important distribution partners for Anthropic, as well as AI competitors.
Anthropic has sought to distinguish the company through a focus on AI safety. Anthropic has warned about dangers posed by increasingly capable systems while competing to develop and commercialize more powerful models. Anthropic's research has found that Anthropic's AI agents engaged in troubling behavior in test environments, including leaking sensitive information and sabotaging code. However, Anthropic has said the company has not seen evidence of such misalignment in real-world deployments.
Anthropic Q3 Revenue Surges 45% to $16.8 Billion
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Summary
Anthropic's Q3 revenue jumped 45% to $16.8 billion, per an investor at a pre-IPO meeting. Q1 revenue was $4.7 billion, rising to $11.6 billion in Q2. The company said it turned adjusted profit in Q3. The event aimed to gauge investor sentiment ahead of its IPO. Anthropic is targeting a valuation above $2 trillion and plans to file before OpenAI. Altcoins to watch may gain traction if AI firm IPOs spark broader market optimism.
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