Anthropic向投资者披露Q3营收达$16.8bn，IPO前季度营收近乎增长50%
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
Simon Willison转述《金融时报》报道，Anthropic向投资者披露Q3营收为$16.8bn，较Q2的$11.5bn近乎增长50%；Q1营收约为$4.8bn。Q3每支出$1用于计算能力，产生$1.70营收，剔除股票薪酬后的调整后经营利润率为11%。Anthropic称，模型蒸馏占其营收的5%至7%，并在Q3大幅削减了这类活动。
Anthropic各季度营收、调整后经营利润率及蒸馏收入占比并列呈现，勾勒出增长表现与收入构成的不同侧面。
15th October 2026 - Link Blog
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO. The phrase "told investors" appears four times in this FT article, which reports on Anthropic's day of hosting investors on Wednesday. Lots of details in here from "people with knowledge of the matter".
Key things I learned from the article:
- Q1 revenue (Jan/Feb/Mar) was "about $4.8bn"
- Q2 (Apr/May/Jun) was $11.5bn
- Q3 (Jul/Aug/Sep) was $16.8bn
- In Q3: $1.70 in revenue for every $1 spent on "computing power"
- Adjusted operating margins (excluding stock-based compensation) were 11%
This point about distillation is worth quoting in full (highlight mine):
The start-up has also clamped down on “distillation” — a controversial practice whereby rival AI labs train their models on the outputs of more advanced ones.
When rival companies “distil” their models from Anthropic’s models, that involves heavy usage and spending.
Anthropic told investors on Wednesday distillation accounted for 5 per cent to 7 per cent of revenue and that they had cut it back “materially” in the third quarter of the year, said four people with direct knowledge of the matter.
Napkin maths says that if distillation was 5% of their Q2 revenue (before they cut it back in Q3) then unnamed "other labs" spent over half a billion dollars distilling Anthropic's models in that quarter!
来源：Simon Willison · simonwillison.net