IPO 前 Anthropic 向投资者称季度收入近增 50% 至 $16.8bn
Anthropic tells investors quarterly revenue up nearly 50% to $16.8bn ahead of IPO
Anthropic 在 IPO 前于周三向投资者表示，第三季度收入近增 50% 至 $16.8bn。第一季度约 $4.8bn，第二季度 $11.5bn；第三季度每投入 $1 算力对应 $1.70 收入，剔除股权激励后调整后营业利润率为 11%。知识蒸馏占收入 5% 到 7%，并在第三季度被实质性削减；作者估算，若第二季度占比为 5%，其他实验室当季相关支出超过 5 亿美元。
文中把季度收入、每美元算力收入和知识蒸馏占比放在一起，可供对照增长里对手实验室用量所占的分量。
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