Anthropic is heading toward a potential stock market debut with another sharp increase in revenue. The maker of Claude generated $16.8 billion in revenue in the third quarter of 2026 and told investors it was profitable on an adjusted basis. At the same time, the latest figures suggest that the company’s previously explosive growth is beginning to moderate.
Revenue keeps climbing, but at a slower pace
Anthropic’s third-quarter revenue rose by roughly 45% from $11.6 billion in the previous quarter. In the first quarter, the company generated around $4.7 billion, meaning its quarterly revenue has more than tripled within just six months.
Profitability is another key point for investors. According to Reuters, Anthropic said it was profitable on an adjusted basis in the third quarter. That marks a major change from 2025, when the company reportedly posted an operating loss of more than $8 billion on annual revenue of about $4.6 billion.
The pace of expansion, however, is clearly slowing. Revenue more than doubled between the first and second quarters, while the increase from the second to the third quarter was below 50%.
Even so, Anthropic remains one of the fastest-growing companies in the artificial intelligence sector. Analysts estimate that its annualized revenue run rate could reach roughly $110 billion by the end of the year if current momentum continues.
IPO could become a major test for the AI boom
Anthropic has been preparing for a public listing for months. In June, the company confirmed that it had confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission.
Its latest private funding round reportedly valued the company at around $965 billion. Reuters now says Anthropic could seek a valuation of more than $2 trillion in an IPO, potentially making it one of the largest stock market debuts in history.
The biggest question is whether the company can sustain its growth while managing enormous infrastructure costs. Anthropic has committed to spending at least $518 billion over the next decade on cloud services, chips and computing capacity.
That means the IPO would not only be a test of investor demand for Anthropic and Claude. It could also become a broader referendum on whether markets are still willing to fund the increasingly capital-intensive AI boom.
