Anthropic IPO Panic, A Spy At OpenAI?, The Great Food Slop Debate

Anthropic's slowing 45% QoQ growth and reliance on distillation revenue are fueling IPO valuation doubts as rising rates hammer neocloud stocks like CoreWeave.

• Anthropic growth decelerating: Revenue hit $16.8B in Q3 2025 (45% QoQ growth), down sharply from 140% QoQ growth in Q2, fueling IPO valuation doubts ($2T vs. maybe $1.5T).
• Distillation masked true growth: Anthropic said distillation (rivals querying Claude to train their own models) made up 5-7% of revenue, inflating the Q2 spike it's now cracking down on.

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