Anthropic’s growth slowed and costs jumped in the third quarter, updated IPO filing shows | Fortune

Anthropic's growth slowed and costs jumped in the third quarter, according to an updated IPO filing, a key disclosure for one of the most closely watched prospective public offerings in the AI sector. The filing shows revenue growth decelerating while spending on compute and talent continued to climb, pressuring margins at the Claude maker as it competes with OpenAI and Google. CEO Dario Amodei has staked the company's strategy on frontier-scale investment, making the widening gap between top-line momentum and expense growth a central question for prospective investors. The updated filing comes as AI developers face intensifying scrutiny over whether massive capital expenditures can be recouped through enterprise adoption. Investors will watch for the full Q3 financial detail, any changes to the company's expected valuation or offering timeline, and how Anthropic addresses the cost trajectory in subsequent amendments.