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Anthropic’s Rapid But Slowing Growth Could Weigh on IPO Valuation

15 October 2026 at 03:27

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 company’s revenue for all of 2025. But it also represents a slower growth rate than Anthropic’s 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.

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