Anthropic IPO Eyes $1.5T Valuation as Q3 Revenue Hits $16.8B

Despite the slowdown, Anthropic is moving toward profitability. According to The Information, the company reported an adjusted operating margin of 11 percent for the year through Q3, and the Financial Times says this was its second straight quarter of adjusted profitability. The company is also cash-flow positive.

Anthropic told investors that distillation accounted for 5 to 7 percent of revenue. In this practice, rival labs train their models on Anthropic's outputs, which involves heavy usage and spending. The company said it cut distillation back materially in Q3, and that blocking it should pay off long-term by making it harder for rivals to match Claude.

However, Anthropic estimates distillation revenue will drop further and weigh on the current quarter. The company has repeatedly accused Chinese AI labs of copying its models this way, though it recently rolled out effective countermeasures.

For now, Tunisian users of Claude and Claude Code should not expect major changes. The IPO is a US financial event, and Anthropic has not announced any pricing or availability changes for Tunisia. Access to its models remains through the same channels as before.

If you are following AI investments, this IPO will be a key signal of whether the AI boom can sustain its momentum. Slowing growth, high inflation, rising borrowing costs and a grueling price war among OpenAI, Anthropic and Google are all weighing on sentiment. The final valuation will show how much investors still believe in the long-term AI story.