Anthropic Revenue Rises 46.7% as Pre-IPO Contracts Slide

Anthropic’s third-quarter revenue climbed 46.7% from the prior quarter, while contracts tied to a potential public listing fell across three crypto trading venues as infrastructure expenses grew faster than sales.

The AI company recorded $16.956 billion in revenue, up from $11.555 billion in the second quarter. Compute and infrastructure expenses rose to $9.863 billion from $5.558 billion, a 77.5% increase. Adjusted operating profit increased to about $2.5 billion from roughly $2.2 billion, but adjusted operating margin narrowed to 15% from 19%.

After the financial disclosure, Anthropic-linked pre-IPO perpetual contracts fell 4.86% on Binance, 4.82% on Trade.xyz via Hyperliquid and 4.20% on OKX. Binance’s average hourly trading value rose 138.1% during the measurement period. The contracts are derivatives that track market pricing for a company that has not listed; they are not Anthropic shares.

Long-term purchase and lease commitments totaled about $895.4 billion, mostly for computing and infrastructure. The amount spans multiple years and is not a current-quarter expense. The contract declines also coincided with pressure across AI names, while IPO expectations and trading conditions on each venue may have affected prices.