Anthropic told investors that its third-quarter revenue reached $16.8 billion. The mechanics here matter more than the headline. The company delivered the presentation at its San Francisco headquarters, and Bloomberg reported the other numbers that came with it: positive free cash flow, an adjusted margin of 85% and an adjusted operating margin above 11%.
Net revenue retention came in at 900%, a measure of how far existing customers are expanding their use. Compute margin, what is left of revenue after computing and infrastructure costs, topped 40%. An Anthropic spokesperson declined to comment, Bloomberg said.
The listing timetable
The numbers were prepared for a meeting with institutional investors ahead of a possible listing. According to Bloomberg, Anthropic is aiming to start its IPO roadshow the week of November 9, which would have the stock trading before Thanksgiving. Year-end remains the outer limit, though nothing is final. The company filed a confidential registration with the SEC this year, and its S-1 has not been made public.
Some investors have put a fair valuation at $1.8 trillion to $2 trillion. Anthropic also wants its offering to be at least as large as SpaceX’s June IPO, when SpaceX went public at a valuation of $1.77 trillion.
The catch
Follow the money back a year and the picture is different. According to the confidential prospectus, Anthropic’s 2025 revenue was close to $4.6 billion against an operating loss above $8 billion. Its net loss for that year came to close to $42 billion, of which close to $34 billion was an accounting charge tied to financing instruments that could convert into company stock.
