Third quarter revenue rose about 45% to $16.8 billion, following $4.7 billion in the first quarter and $11.5 billion to $11.6 billion in the second. That marked a deceleration from roughly 145% sequential growth in the second quarter and implied a September annualized run rate of roughly $70 billion to $74 billion, up from $65 billion at the end of July and below the $76.8 billion estimated by TickerTrends.
Customers distilling Anthropic's models accounted for more than $840 million of third quarter revenue, and the company's move to ban tens of thousands of distillation accounts weighed on the quarterly total. Following the third quarter performance, some investors view a $1.5 trillion valuation as more appropriate than the $2 trillion target sought by the company's bankers.