Anthropic Q3 Revenue Hits $16.8 Billion as Wedbush Dismisses AI Demand Slowdown Concerns

Artificial intelligence developer Anthropic, which is backed by Amazon.com, Inc. (AMZN), reported third-quarter revenue of $16.8 billion, representing a 45% sequential increase. The results arrived as the Claude creator prepares for an initial public offering. While the quarter-over-quarter expansion slowed compared to earlier expectations based on annualized run rates, the firm generated $1.70 in revenue for every dollar spent on computing power, recorded an adjusted gross margin of approximately 85%, and achieved profitability on an adjusted basis. Amazon shares slipped 1.87% to $250.

The performance has raised debate on Wall Street about whether artificial intelligence growth is cooling relative to heavy capital investments. However, financial firm Wedbush Securities noted that extrapolating short-term run rates can distort the broader picture. Wedbush emphasized that 45% quarter-over-quarter growth remains robust amid mounting competition. Furthermore, steady GPU rental rates and constrained hardware supply chains indicate that underlying infrastructure demand across the sector remains elevated.

Investors will be closely tracking Anthropic's annualized revenue run rate, gross margin trajectory, and compute efficiency leading up to its anticipated public offering. Key indicators for the broader artificial intelligence market will include ongoing GPU rental pricing and hardware order volumes from major development laboratories.