Anthropic tells investors Q3 revenue hit $16.8B and it turned adjusted profit before IPO

Anthropic reportedly told prospective investors that third-quarter revenue reached $16.8 billion, up from $11.6 billion in Q2 and $4.7 billion in Q1. The company said it was profitable on an adjusted basis, and the Financial Times reported it generated $1.70 of revenue per dollar spent on compute. The figures come from people familiar with the meetings, not from a filing. The numbers land ahead of a listing that is reportedly slated for November. The Wall Street Journal reported that investors expect annualized revenue to reach $110 billion by year end. Earlier reporting put 2025 revenue near $4.6 billion with an operating loss above $8 billion, so the trajectory has changed fast. Some analysts have questioned the IPO valuation, and this disclosure is the first hard counterweight. For founders, the data point is a read on enterprise demand for frontier models and on compute economics. A lab earning more than its compute costs makes API price cuts less likely and supports the case that coding and agent workloads pay for themselves.