Anthropic Reports $16.8 Billion in Q3 Revenue as Growth Slows to 45%

AI model developer Anthropic announced third-quarter revenue of $16.8 billion, continuing an upward trend following previous quarters but showing a sharp slowdown in its growth rate. Ahead of an initial public offering that could happen as early as next month, investors have reportedly started discussing a valuation of about $1.5 trillion, representing a 25% cut from an earlier $2 trillion figure.

According to reports from the Financial Times and other outlets, Anthropic told investors that its quarterly growth rate fell to 45%, down 98 percentage points from 142% in the previous period. The quarter-on-quarter increase narrowed to $5.2 billion from $6.8 billion. Meta and Microsoft shifted to their own models or cheaper open-source alternatives to cut the high costs associated with Claude. Additionally, a crackdown on distillation methods by DeepSeek and Alibaba reduced related revenue that previously accounted for 5% to 7% of the total. Market research firm SemiAnalysis lowered its annualized revenue estimate to about $74 billion.

Investors are closely watching whether Anthropic's upcoming initial public offering and OpenAI's listing next year will succeed. Meanwhile, U.S. Federal Reserve Chairman Kevin Warsh addressed long-term productivity gains related to artificial intelligence during meetings in Bangkok, Thailand, while European Union leaders discussed trade measures regarding Chinese products in response to a record trade deficit.