Anthropic (Pre-IPO) (ANTHROPIC) is pricing into a much larger IPO story after updating filings to show $17 billion in third-quarter revenue and $33.24 billion for the first nine months of 2026. At ...
Anthropic’s amended S-1 changed the tone of the deal. Reuters, via Investing.com, said the company reported $16.96 billion of third-quarter revenue in the filing and $33.24 billion for the nine months ended September 30, while CNBC reported the same amended filing and highlighted the updated financials. TechCrunch said the company is now targeting an IPO price range of $70 to $78 per share, implying a fully diluted valuation as high as $1.404 trillion at the top of the range.
That matters because the company’s last disclosed private valuation was $965 billion in its May 28, 2026 Series H round, when Anthropic said it had also crossed a $47 billion run-rate revenue milestone. The new filing implies the market is being asked to reprice the business materially higher in a short window, on the back of still-rapid revenue growth.
The core fundamental read is not just that revenue is large; it is that growth is still enormous but less explosive than before. Reuters said revenue rose 47% quarter over quarter in Q3, compared with 144% growth in Q2. That deceleration does not break the bull case, but it does narrow the margin for error when a company is asking public investors to underwrite a premium valuation.
Anthropic also disclosed nearly $900 billion in computing commitments with partners including Amazon and Alphabet’s Google, according to Reuters.
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