Anthropic (NASDAQ:ANTP) reported a 45% increase in third-quarter revenue to $16.8 billion and told investors that it had achieved adjusted profitability for a second consecutive quarter, according to a Financial Times report published on Wednesday.
The artificial intelligence developer disclosed the figures during presentations to investors at its San Francisco headquarters, as it prepares for a potential initial public offering in November.
Although revenue continued to expand rapidly, the reported growth rate represented a slowdown from earlier in 2026 and fell short of some market expectations.
The figures come amid increasing investor scrutiny of artificial intelligence companies, particularly regarding the substantial costs of computing infrastructure, the sustainability of revenue growth and the ability to generate profits.
Anthropic Revenue Reaches $16.8 Billion as Growth Moderates
According to the Financial Times, Anthropic’s third-quarter revenue increased approximately 45% to $16.8 billion.
The increase reflected continued demand for the company’s artificial intelligence products, although the pace of expansion was slower than the exceptionally strong growth recorded earlier in the year.
The report indicated that Anthropic’s annualised revenue was also expected to remain below the closely watched $100 billion threshold.
The moderation in growth comes as investors reassess valuations across the AI industry and question whether demand can continue expanding sufficiently to justify substantial infrastructure spending.
Despite these concerns, Anthropic’s latest figures suggest that demand for its technology remains significant.
However, the reported slowdown could become an important consideration for prospective investors evaluating the company’s financial outlook ahead of a public listing.
Company Reports Second Consecutive Quarter of Adjusted Profitability
Anthropic also informed investors that it had achieved profitability on an adjusted basis during the third quarter, marking its second consecutive profitable quarter under that measure, according to the Financial Times.
The company reportedly indicated that it was generating positive cash flow, suggesting an improvement in its ability to fund operations through internally generated resources.
Another figure disclosed during the presentations concerned the relationship between revenue and computing expenditure.
Anthropic reported generating $1.70 in revenue for every $1 spent on computing power during the third quarter.
The metric provides an indication of the company’s ability to generate sales relative to one of its largest operating expenses.
However, adjusted profitability and positive cash flow do not necessarily establish profitability under standard accounting measures, and the reported figures do not provide a complete picture of the company’s overall cost structure.
The financial disclosures are nevertheless likely to attract attention from investors concerned about the economics of developing and operating advanced AI systems.
Investor Presentations Come Ahead of Potential November IPO
Anthropic hosted investors at its San Francisco offices on Wednesday for a full day of presentations, according to people familiar with the event cited by the Financial Times.
The meetings reportedly formed part of preparations for a potential initial public offering in November.
The company was understood to be seeking to strengthen investor confidence in its financial performance and long-term growth prospects.
The planned listing comes at a time when the market is paying closer attention to the relationship between AI revenue growth and the considerable capital required to develop increasingly sophisticated models.
Anthropic’s reported adjusted profitability and positive cash flow could support its investment case, although the slowdown in revenue growth may raise questions about future expansion.
The timing and terms of any public offering remain subject to the company’s plans and market conditions.
Competition With OpenAI and Chinese Developers Intensifies
Anthropic faces substantial competition as developers seek to improve AI model capabilities and expand their commercial customer bases.
One of its principal competitors is OpenAI, the developer of ChatGPT, which has continued introducing advanced models and expanding its presence in the AI market.
The Financial Times report comes amid concerns that Anthropic has faced increasing competitive pressure from OpenAI in recent months, particularly following the release of its GPT-6 Astra model.
Both companies are also competing with Chinese AI developers offering models that are significantly less expensive while delivering performance approaching that of leading Western systems.
The availability of lower-cost alternatives could place pressure on pricing and make it more difficult for developers to maintain revenue growth as customers compare model performance and operating expenses.
Competition is also increasing the importance of computing efficiency, as companies seek to balance the cost of training and operating advanced models against the revenue generated from customers.
Investors Focus on Growth Sustainability and AI Economics
Anthropic’s latest reported financial disclosures highlight the competing factors influencing investor sentiment towards artificial intelligence companies.
Revenue growth of approximately 45% in a quarter remains substantial, while adjusted profitability and positive cash flow suggest progress towards a more sustainable financial model.
However, the slowing pace of expansion, significant computing requirements and growing competition could influence expectations for the company’s future performance.
As Anthropic approaches its reported November IPO, investors are likely to focus on whether the company can sustain demand, protect its competitive position and maintain profitability while continuing to invest in advanced AI development.