Anthropic reports third-quarter revenue of $16.8 billion (€15 billion) as growth slows and the company targets a listing at up to $2 trillion
Anthropic revenue reached $16.8 billion (€15 billion) in the third quarter of 2026, up about 46% on the second quarter. The company eyes an IPO at up to $2 trillion (€1.78 trillion). The Claude AI creator showed investors the figures on Wednesday 14 October 2026, Bloomberg reports. TF jumps into the numbers, growth slowdown and the listing plan.
What’s Happening & Why It Matters
The Numbers
Euronews reports revenue of $16.8 billion from July to September, against $11.5 billion (€10.2 billion) in the quarter before. Revenue more than doubled from the first quarter to the second, so growth is slowing. The Financial Times says the figures fell short of some investors’ hopes.
Anthropic reported an adjusted profit for the second quarter in a row. The adjusted operating margin was 11%, with positive free cash flow. Each dollar spent on computing power brought in $1.70 of revenue.
Standard accounting tells a different story. A draft prospectus shows a 2025 loss of $42 billion (€37.4 billion) on $4.6 billion (€4.1 billion) of revenue. Most of the loss came from $34 billion (€30.3 billion) of charges tied to past fundraising.
The Run-Rate
SemiAnalysis puts annualised revenue near $74 billion (€66 billion), up from about $65 billion (€58 billion) in late July. The run-rate is expected to end 2026 below $100 billion (€89 billion), short of the level some backers expected.
OpenAI neared $50 billion (€44.5 billion) in annualised revenue at the end of September. The two companies count revenue by different rules, so the figures do not line up. The Financial Times says investors cut their OpenAI estimate from $70 billion to $50 billion after a miscalculation.
The IPO Plan
Anthropic filed paperwork with US regulators in June, out of public view, and has not published its full prospectus. The company plans to list in November, after the US midterm elections, at a valuation of up to $2 trillion. Goldman Sachs and Morgan Stanley lead the deal, according to reports. Bloomberg says investor marketing could start in the week of 9 November.
The target tops Anthropic’s May fundraising of $65 billion (€58 billion) at a $965 billion (€859 billion) valuation. SpaceX priced its June IPO near $1.8 trillion (€1.6 trillion). The reports do not name the exchange.
The Risks
OpenAI released its Astra model, and Anthropic appeared to lose ground. Cheaper Chinese models threaten future revenue, Euronews reports. OpenAI is not expected to list before 2027. Bloomberg says the company seeks $30 billion (€26.7 billion) at a $1.4 trillion (€1.25 trillion) valuation.
My take: investors will price the growth rate, not the total. Revenue rose 46% in one quarter, and a $2 trillion valuation needs the same pace for years. TF covers Anthropic’s role in the safety debate in Microsoft’s Nadella and Smith Call for an AI Emergency Brake.
TF Summary: What’s Next
Anthropic has to publish its full prospectus before listing. Investors will test the 11% adjusted margin against standard accounting losses. Bankers will set a price range once marketing starts. OpenAI’s listing plans will shape the comparison.
MY FORECAST: Anthropic will publish its prospectus before the end of October 2026. The IPO will price below $2 trillion on the first attempt. Fourth-quarter revenue growth will slow below 40%. OpenAI will publish new revenue figures to answer the comparison.
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