Anthropicβs Rapid But Slowing Growth Could Weigh on IPO Valuation
Anthropic reported rapid-but-slowing revenue growth in a meeting with potential investors in its planned initial public offering, leaving some attendees expecting the company will need to keep its valuation target in check.
At a private investor meeting Wednesday in San Francisco, the company said revenue hit $16.8 billion in the third quarter, according to people briefed on the numbers. That was a jump of about 45% from the second quarter. The figure was more than 3.6 times the companyβs revenue for all of 2025. But it also represents a slower growth rate than Anthropicβs second quarter, when fevered demand for its Claude Code product drove revenue up by more than 140% from the first three months of the year.