Anthropic’s Slowing Growth Could Weigh on IPO Valuation, Cursor Investigates AI Training Data

Anthropic's slowing growth and customer-concentration risks could cloud its IPO valuation despite $16.8B in quarterly revenue.

• $16.8B quarter: Anthropic disclosed Q3 revenue of $16.8 billion at an investor meeting, up from a doubling pace last quarter to ~40% sequential growth, raising sustainability questions ahead of a possible IPO.
• Free cash flow positive: Anthropic told investors it turned free-cash-flow positive in Q3, though the metric excludes stock-based comp and the company carries $500B+ in future data-center commitments.

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