Anthropic’s Q3 Revenue Reaches $16.96 Billion After $600 Million Offset

Anthropic’s unaudited third-quarter revenue rose 47% sequentially to $16.956 billion as lower prices on new Claude models and contractual discounts reduced usage-driven growth by about $600 million.

An amendment to Anthropic’s Form S-1 filed Monday, Nov. 2, lists quarterly revenue of $16.956 billion, compared with $11.555 billion in the second quarter. The increase was about 47%, after sequential growth of roughly 144% in Q2. These percentages compare each quarter with the one before it: Q3 against Q2 and Q2 against Q1. Revenue still increased in the third quarter, but at a slower pace.

The $600 million reduction reflects lower prices on new model versions and contractual discounts that partly offset gains from higher usage. It amounts to about 3.5% of Q3 revenue. Adding it back would bring the quarter’s total to about $17.56 billion and put sequential growth near 52%. Among the seven quarters shown, the only prior similar effect was about $70 million between Q3 and Q4 2025. Price changes did not materially affect the other quarterly comparisons.

The added detail builds on Anthropic’s earlier disclosure of third-quarter revenue. Anthropic develops Claude, an artificial-intelligence model and software platform for enterprise and developer customers. Revenue growth each quarter has followed successive model and product releases that raised usage, with both usage-based and subscription sales contributing. The pace of new releases can cause quarterly revenue to vary.

More than 11,900 customers generated at least $100,000 in revenue over the 12-month period ending Sept. 30, up from more than 950 a year earlier. More than 1,900 customers generated at least $1 million, and about 250 generated at least $10 million. Each of the five largest customers set a Q3 revenue high. Customers outside the top five accounted for about 79% of Q3 revenue, versus about 64% in Q1. Models released during the six months through Sept. 30 contributed more than 80% of Q3 revenue.

Compute and infrastructure expenses reached 58% of Q3 revenue, up from 48% in Q2. These quarterly figures are unaudited. The higher share reflected additional capacity coming online, including $5 billion of compute under short-term commitments. That capacity costs significantly more than comparable resources secured through multiyear commitments.