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.

Anthropic’s revenue in the third quarter hit $16.8 billion, the company on Wednesday told prospective investors in its initial public offering, according to people familiar with the matter.

That marked a jump of about 45% from the second quarter, and was more than 3.6 times the company’s revenue ...