Anthropic tells investors Q3 revenue hit $16.8 billion before IPO
Anthropic told prospective investors its third-quarter revenue reached $16.8 billion, up about 45% from the second quarter, according to CNBC and the BBC, as it prepares for a stock market listing. It also said it was profitable on an adjusted basis.
AI-assisted · US Brief desk · Sources listed below
What happened
Anthropic, the maker of the Claude chatbot, told prospective investors on Wednesday, Oct. 14, that its revenue for July through September was $16.8 billion. That is up from $11.6 billion in the second quarter and $4.7 billion in the first, according to people familiar with the briefing cited by CNBC. The BBC reported the same figures. CNBC said the company called itself profitable on an adjusted basis for the quarter, and the BBC said it was the second profitable quarter in a row.
Why it matters
Anthropic's results are a key gauge of whether AI demand can pay for the industry's huge data-center spending, the BBC noted. CNBC says the listing is reportedly slated for November. They land in a rough week for AI stocks. Chip and data-center shares fell on worries about AI spending and a hot September inflation report, and South Korea briefly halted trading Thursday after an 8% drop, the BBC reported.
More context
Key numbers: Q1 revenue $4.7 billion; Q2 $11.6 billion; Q3 $16.8 billion, about 45% growth quarter over quarter. Anthropic said it made $1.70 in revenue for every $1 spent on computing in Q3, according to the Financial Times as cited by CNBC. Investors expect $110 billion in annualized revenue by year-end, the Wall Street Journal reported.
What's still unknown: The IPO date, share price and valuation have not been announced. Anthropic has not released audited results, and "adjusted" profit can leave out major costs. Rival OpenAI's CEO Sam Altman said in September that his company will not go public this year, the BBC reported.
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Editorial sourcing notes
Figures come from Anthropic's investor briefing as described by people familiar with it to CNBC, and as reported by the BBC; Anthropic has not published audited results. The Financial Times and Wall Street Journal figures are as cited by CNBC. Hero photo is from 2023.
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