Anthropic, the developer of the Claude models, told investors that its revenue jumped sharply in the third quarter as it prepares for a reported IPO. According to CNBC, the company recorded $16.8 billion in revenue in Q3, up from $11.6 billion in Q2 — an increase of roughly 45% quarter-on-quarter. In Q1 the company reported $4.7 billion, so quarterly revenue has risen more than three-and-a-half times over the course of the year.
The company also informed investors that it was adjusted-profitable in the third quarter. The Financial Times reported positive cash flow and said Anthropic generated about $1.70 of revenue for every dollar spent on compute capacity. The FT cautioned that this metric covers only part of the overall cost structure and that research, development and sales expenses must be considered to assess adjusted profitability fully.
Reports indicate these figures were shared with investors ahead of a purported November IPO. Market expectations cited in the reports project Anthropic’s annualized revenue could reach $110 billion by year-end; this is an extrapolation of the run-rate for the period and may differ from actual 2026 revenue.
Funding, valuation and enterprise customer growth
Anthropic’s growth accelerated earlier in the year as well: in February it reported $14 billion of annualized revenue, and by May it had surpassed a $47 billion annualized run-rate. In May the company raised $65 billion of fresh capital in a financing round that valued Anthropic at $965 billion. By contrast, the February financing had placed the valuation at $380 billion.
A key driver of the expansion is a rapidly growing enterprise customer base. In February Anthropic said the number of customers spending at least $100,000 annually on Claude had increased sevenfold year-over-year. Customers spending more than $1 million annually exceeded 500, compared with only about a dozen two years earlier. The company also said eight of the Fortune 10 companies were already customers at that time.
Claude Code and enterprise subscriptions
Claude Code, a product aimed at assisting software development, has been one of the fastest-growing offerings. Made widely available in May 2025, Anthropic said Claude Code’s annualized revenue exceeded $2.5 billion by February 2026 — more than double the level at the start of the year. Over the same period, the number of enterprise subscriptions quadrupled, and business use now accounts for more than half of the product’s revenue.
A recent example of adoption is Barclays’ October collaboration announcement: the bank expects half of its developers could be using Claude Code by year-end. Barclays reported that more than 16,000 employees had accessed an internal Claude-based knowledge search, which has handled more than one million searches; in its Global Markets division the technology assists with roughly 120,000 incoming emails per day.
Compute capacity deals, cloud partners and cost considerations
Meeting demand for Claude requires substantial compute resources. In May Anthropic said it had agreements with Amazon for up to five gigawatts of new capacity and with Google and Broadcom for an additional five gigawatts. Claude is available on Amazon Web Services, Google Cloud and Microsoft Azure; AWS remains Anthropic’s primary cloud provider and model-training partner.
For public investors, beyond headline revenue growth, the costs and utilization of those compute capacities will be important metrics because they determine how much of the revenue expansion is retained as profit.
Conclusion
The figures shared with investors, as reported by CNBC and the Financial Times, illustrate rapid top-line expansion ahead of a potential IPO. While Anthropic has signaled adjusted profitability and positive cash flow, a full assessment requires detail on the expense-side adjustments used to calculate those metrics. This article does not constitute investment advice.
