Anthropic tells potential investors its third-quarter revenue reached $16.8 billion as growth slows before a planned IPO

Anthropic shared its quarterly results with potential investors at a private meeting in San Francisco, according to several US media reports summarized by The Decoder. Third-quarter revenue was $16.8 billion. That is roughly 45 percent more than in the second quarter and more than 3.6 times the company's total revenue for all of 2025. Growth has slowed. In the second quarter, strong demand for the developer tool Claude Code pushed revenue up more than 140 percent from the first quarter. The Decoder points to two possible reasons for the slowdown. People tend to work less in summer and use fewer tokens. OpenAI also released a strong competitor, Astra, in September, and Anthropic did not answer it until Opus 5.5 in late September. The Information reports that Anthropic had an adjusted operating margin of 11 percent for the year through the third quarter. That figure leaves out major costs such as stock-based compensation, but it suggests the company is moving toward profitability. The Decoder says the slower growth and a difficult market are weighing on Anthropic's valuation ahead of its planned November IPO. The results are among the few detailed financial figures available for a frontier AI developer.