Reporting citing an investor presentation puts Anthropic’s third-quarter 2026 revenue at $16.8 billion, up 45% from the previous quarter. Adjusted gross margin reportedly reached 85%, adjusted operating margin exceeded 11% and free cash flow was positive. Enterprise customers and Claude Code demand were cited as growth drivers, although quarterly revenue growth slowed from roughly 147% in the second quarter. Adjusted measures differ from net profitability under accounting standards, and major infrastructure-investment burdens remain. IPO valuation and timing are projections and should be separated from established results.