Anthropic discloses Q3 revenue of $16.8B up 46% QoQ and adjusted profit at San Francisco investor day on October 14
Anthropic told attendees at its October 14 San Francisco investor day that Q3 revenue reached $16.8 billion, up 46% QoQ, and that it has reached adjusted profitability with positive cash flow; the company plans to launch the IPO roadshow the week of November 9 with a target listing by year end and a target valuation around $2 trillion.
According to Bloomberg, the Financial Times, and Reuters citing attendees, Anthropic held its pre-IPO investor day at its San Francisco headquarters on October 14 local time and disclosed 2026 Q3 revenue of $16.8 billion, up nearly 46% quarter-over-quarter from $11.5 billion in Q2 and more than tripling from $4.7 billion in Q1 within three quarters. The company also said it has reached adjusted profitability with positive cash flow. Anthropic's 2025 full-year revenue had already expanded roughly 12x to about $4.6 billion, but 2025 operating losses still exceeded $8 billion, and the company has committed at least $518 billion to cloud services, computing and infrastructure over the next decade. Anthropic plans to formally launch its IPO roadshow as early as the week of November 9, targeting a start of trading before Thanksgiving and a listing by year end, with timing potentially pushed beyond the November US midterm elections. Market expectations put the valuation between $1.8 trillion and $2 trillion, on a scale that could match or even exceed the SpaceX listing, and would be an early test of investor appetite for heavily loss-making AI developers at scale; OpenAI has already pushed its own IPO to early 2027. Anthropic also used the meeting to emphasize Claude's expansion in verticals such as finance, legal and software development, and its distribution partnerships with Google Cloud and AWS.