Anthropic’s third-quarter revenue jumps 45% to $16.8 billion ahead of planned IPO
Anthropic told prospective investors at a pre-IPO meeting that third-quarter revenue rose 45% from the prior quarter to $16.8 billion and that it was profitable on an adjusted basis, Reuters reported.
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 with the company's leadership in San Francisco on Wednesday, Reuters reported on October 14. The Financial Times reported the same figure.
The numbers
Revenue was $4.7 billion in the first quarter and $11.6 billion in the second, the person told Reuters. Anthropic told the group it was profitable on an adjusted basis in the third quarter. The company did not immediately respond to Reuters' request for comment.
For context, Reuters reported last month that Anthropic's revenue grew roughly twelvefold last year to nearly $4.6 billion, while the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to earlier fundraising. Anthropic has committed at least $518 billion over a decade to cloud services, computing and infrastructure.
IPO expectations
The investor day was meant to familiarize prospective investors with the company ahead of its highly anticipated listing. According to Reuters, Anthropic is targeting a valuation of more than $2 trillion, and its public debut is likely to be pushed until after the November U.S. midterm elections. The IPO is expected to precede a listing by rival OpenAI, making Anthropic an early test of investor appetite for AI developers spending heavily to reach massive scale.
Scrutiny of AI companies' finances has intensified as they pour money into chips, data centers and computing power. Anthropic is trying to convince investors that its rapid revenue growth can eventually outrun the enormous costs of building and running frontier AI systems.
Pentagon dispute continues
A day earlier, on October 13, Anthropic asked the U.S. Court of Appeals for the D.C. Circuit to rehear a ruling that upheld the Pentagon's designation of the company as a national-security supply-chain risk. Anthropic has said the blacklisting has cost it billions of dollars in lost business, Reuters reported.
Sources: Reuters (via Investing.com), CNA citing the Financial Times, Reuters on the court petition.
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