Simon Willison interprets the FT report: Anthropic disclosed to investors that quarterly revenue increased to $16.8bn.

FT reports that Anthropic disclosed to investors on Wednesday that quarterly revenue rose nearly 50% year-on-year to $16.8bn as the company prepares for its IPO. Key figures compiled by the author: Q1 revenue was approximately $4.8bn, Q2 reached $11.5bn, and Q3 hit $16.8bn. In Q3, every $1 spent on compute generated $1.70 in revenue; excluding equity incentives, adjusted operating profit margin stood at 11%. Distilled model revenue accounted for 5% to 7%, with Q3 spending significantly cut. The author estimates that only other labs' distilled model spending in Q2 exceeded $500 million.