❯ Anthropic posts $16.8 billion in Q3 revenue as growth slows, and some investors reportedly lower IPO valuation expectations to about $1.5 trillion

Growth slows to 45%At an investor meeting in San Francisco on Wednesday, Anthropic said third-quarter revenue was $16.8 billion, up 45% from the second quarter, and that it was profitable on an adjusted basis. According to CXO Digital Pulse, relaying Reuters, second-quarter revenue was $11.6 billion, more than double the first quarter, so growth has slowed markedly.

Talking down from $2 trillionReuters, citing four people familiar with the matter, said some current and prospective investors are reassessing the IPO valuation, with some discussing about $1.5 trillion, below the roughly $2 trillion previously expected for a November listing. These are discussions among investors, not a set offering price. Anthropic did not immediately respond to a request for comment.

Revenue next to costsAnthropic’s revenue grew about twelvefold last year to nearly $4.6 billion, its prospectus showed a $42 billion loss for 2025, and it has committed to spending at least $518 billion over a decade on cloud services, compute and infrastructure. Investors are weighing growth against that long-term bill. Its listing will also shape expectations for a possible OpenAI IPO next year.

▮ SIGNALLeading model companies used to be valued mainly on how fast they grew; as listings approach, investors are asking whether that growth can cover the compute bills already signed.