Anthropic’s Quarterly Revenue Jumps. The Company Says It’s Now Cash-Flow Positive.

Anthropic reported $16.8 billion in third-quarter revenue and positive cash flow as the artificial intelligence company presented its latest financial results to prospective investors ahead of a planned initial public offering.

Revenue increased approximately 45% from $11.6 billion in the second quarter, while the company also reported profitability on an adjusted basis for the second consecutive quarter. The figures were shared during a private investor presentation at Anthropic's San Francisco headquarters on Wednesday.

The company behind the Claude AI models generated $4.7 billion in revenue during the first quarter, before more than doubling that figure in the April-to-June period. Its latest results show that sales continued to increase between July and September, although at a slower quarterly rate.

Anthropic also reported positive cash flow during the third quarter, according to Axios, which covered the investor presentation. The company has not published a detailed quarterly cash-flow statement alongside the disclosure.

Its adjusted operating margin was approximately 11% through the third quarter, according to financial information shared with prospective investors. That measure excludes certain expenses, including stock-based compensation, and is different from net income calculated under generally accepted accounting principles.

The financial disclosures come as Anthropic prepares for a possible stock market debut in November. The privately held company has not announced a final IPO price or completed its planned public offering.

Anthropic's latest results follow a series of major fundraising rounds this year. In May, the company announced that it had raised $65 billion in Series H financing, valuing the business at $965 billion after the investment. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

At the time, Anthropic said its annualized revenue run rate had exceeded $47 billion. The figure represented revenue expressed at an annual rate rather than sales already recorded over a full year.

The funding included previously committed investments from major technology companies and was intended to support AI research, additional computing capacity and the expansion of Claude products, according to Anthropic's May announcement.

The May investment followed a $30 billion financing round in February that valued Anthropic at $380 billion. At that point, the company reported an annualized revenue run rate of $14 billion and said its business was expanding through enterprise customers and software development tools.

Claude Code, the company's AI-powered coding product, reached an annualized revenue run rate exceeding $2.5 billion by February. Anthropic said business subscriptions to the product had quadrupled since the beginning of the year, while enterprise customers accounted for more than half of Claude Code revenue.

The company also disclosed that more than 500 customers were spending at least $1 million annually on an annualized basis, compared with approximately a dozen customers two years earlier, according to its February funding announcement.

The bank said more than 16,000 employees were already using a Claude-powered knowledge assistant, which had handled over one million searches. Claude models were also being used to process approximately 120,000 emails each day within Barclays' Global Markets business.

Barclays expects Claude Code adoption to reach half of its developer workforce by the end of 2026, according to the partnership announcement.

Alongside its growing revenue, Anthropic has committed substantial resources to computing infrastructure. The company told prospective investors it had approximately $518 billion in infrastructure and cloud-service commitments over the next decade, according to reporting on the private presentation.

Its May funding announcement had already detailed agreements for additional computing capacity from Amazon, Google and Broadcom, as well as access to specialized infrastructure through SpaceX.

Anthropic said Amazon Web Services remained its primary cloud provider and training partner, while Claude was available through the cloud platforms operated by Amazon, Google and Microsoft.