Anthropic's $16.8B Q3 revenue growth slows before IPO

anthropic's q3 revenue reached $16.8b, marking a 45% growth from q2 and over 3.6 times its total annual revenue for 2025. however, growth has slowed significantly from q2's 140% increase. the company reported an adjusted operating margin of 11% for the year through q3 and generated $1.70 in revenue for every dollar spent on compute. anthropic's planned november ipo faces challenges due to slowing growth, high inflation, and rising borrowing costs. investor skepticism may lead to a lower ipo price, with expectations possibly under $1.5 trillion.