Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
Anthropic's Q3 revenue hit $16.8bn, up nearly 50% quarter-over-quarter ahead of IPO
“distillation accounted for 5 per cent to 7 per cent of revenue”
Anthropic disclosed explosive revenue growth to investors — $4.8bn in Q1, $11.5bn in Q2, and $16.8bn in Q3 — with adjusted operating margins of 11% and $1.70 earned per $1 of compute spend. Notably, the company revealed it has materially curtailed 'distillation,' a practice where rival labs train on Anthropic outputs, which had represented 5-7% of revenue — implying competitors spent over $500M distilling its models in Q2 alone. The shift away from annualized run-rate framing signals Anthropic is presenting auditable, quarter-by-quarter financials as it prepares for an IPO.