Anthropic 三季度营收 168 亿美元，环比增速降至约 45%
> 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 qua
据 Financial Times 报道，Anthropic 第三季度营收为 168 亿美元，环比增长约 45%，明显低于第一到第二季度超过 100% 的增速，该阶段营收从约 48 亿美元增至 115 亿美元。公司向投资者表示每 1 美元算力支出可带来 1.70 美元收入，算力成本约占营收 59%，并连续第二个季度实现调整后盈利，调整后营业利润率为 11%。竞争对手通过蒸馏 Claude 输出获得的收入曾占其营收的 5% 至 7%，公司在第三季度大幅削减了这一部分；SemiAnalysis 预计其年化营收约 740 亿美元，而部分投资者此前预期年底将突破 1000 亿美元。银行方面已提出以约 2 万亿美元估值 IPO 募资超 1000 亿美元，早期 S-1 草案近三分之一篇幅用于风险因素。
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原文给出 Anthropic 三季度营收增速放缓、算力成本占比与 IPO 传闻等财务细节，可观察头部模型公司的商业化节奏。
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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.