Anthropic Q3 revenue reaches $16.8B as growth slows before IPO

Anthropic reported $16.8 billion in third-quarter revenue, up 45 percent, versus a 140 percent surge in Q2. With a November IPO planned, some investors now expect a valuation below $1.5 trillion.

Why it matters: The sharp deceleration makes this an early public-market test of whether frontier-lab revenue can keep compounding at AI-boom rates. How the IPO prices will shape funding expectations for OpenAI and other labs, and influence how aggressively they spend on compute.