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> Anthropic’s third-quarter revenue of $16.8B grew about 45% from the second quarter, a steep drop from the more than 100% jump between the first and second quarters. ~ Financial Times Revenue more than doubled between the 1st and 2nd quarters, from about $4.8B to $11.5B, but third-quarter growth lagged behind that earlier rate. > The company told investors it earns $1.70 for every $1 spent on compute, which puts compute near 59% of revenue and implies its 85% adjusted gross margin excludes much of that spending. > Distillation by rival labs, which train their models on Claude’s outputs, had made up 5% to 7% of Anthropic’s revenue until the company cut it back materially in the third quarter. > Anthropic reported adjusted profitability for a second straight quarter and an 11% adjusted operating margin, though executives warned heavy spending on compute and biomedical research could change that. > SemiAnalysis projects annualized revenue of roughly $74B, while some investors had predicted during the summer that the figure would pass $100B by year-end. > Meta and Microsoft, two major customers, have moved toward their own AI tools, and price cuts against OpenAI and cheaper Chinese models have compressed what each customer pays. > Bankers have floated an IPO raising more than $100B at about $2T, which would surpass SpaceX’s $1.77T listing in June as the largest offering ever. > An early S-1 draft devoted almost a third of its length to risk factors, including AI models behaving unpredictably or maliciously and what Anthropic described as possible existential risks to humanity.