Anthropic Reports $16.8 billion in Third-Quarter Revenue

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 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 also said it had an adjusted operating margin of 11% this year as of the latest quarter, a figure that excludes major costs such as stock compensation but suggests it is having some success in moving toward profitability.

The company held the meeting in San Francisco as part of preparation for an IPO expected to take place next month before the Thanksgiving holiday.

This brief has been corrected to clarify that Anthropic’s 11% adjusted operating margin was for the year through the third quarter, not just for quarter.