Anthropic 向投资者披露季度营收近 50% 增长至 168 亿美元，筹备 IPO
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
据 FT 报道，Anthropic 在周三的投资者活动上披露季度营收环比增长近 50% 至 168 亿美元，并正筹备 IPO。文章援引知情人士称，Q1 营收约 48 亿美元，Q2 为 115 亿美元，Q3 为 168 亿美元；Q3 每 1 美元算力支出对应 1.70 美元收入，剔除股权激励后的调整后营业利润率为 11%。
同一新闻，精选展示《Anthropic 第三季度营收 168 亿美元，增速放缓，计划 11 月 IPO》
15th October 2026 - Link Blog
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO. The phrase "told investors" appears four times in this FT article, which reports on Anthropic's day of hosting investors on Wednesday. Lots of details in here from "people with knowledge of the matter".
Key things I learned from the article:
- Q1 revenue (Jan/Feb/Mar) was "about $4.8bn"
- Q2 (Apr/May/Jun) was $11.5bn
- Q3 (Jul/Aug/Sep) was $16.8bn
- In Q3: $1.70 in revenue for every $1 spent on "computing power"
- Adjusted operating margins (excluding stock-based compensation) were 11%
This point about distillation is worth quoting in full (highlight mine):
The start-up has also clamped down on “distillation” — a controversial practice whereby rival AI labs train their models on the outputs of more advanced ones.
When rival companies “distil” their models from Anthropic’s models, that involves heavy usage and spending.
Anthropic told investors on Wednesday distillation accounted for 5 per cent to 7 per cent of revenue and that they had cut it back “materially” in the third quarter of the year, said four people with direct knowledge of the matter.
Napkin maths says that if distillation was 5% of their Q2 revenue (before they cut it back in Q3) then unnamed "other labs" spent over half a billion dollars distilling Anthropic's models in that quarter!
来源：Simon Willison · simonwillison.net