Anthropic’s Q3 revenue reached RMB 11.24 billion, and it turned a profit.

Zhidx.com, October 15 — According to a report by The Information citing anonymous sources, on October 14 (local time), Anthropic disclosed at a pre-IPO investor conference held in San Francisco that its Q3 revenue totaled $16.8 billion (approximately RMB 11.2392 billion), representing a roughly 45% quarter-on-quarter increase — more than 3.6 times its full-year 2025 revenue of $4.6 billion (approximately RMB 3.0774 billion). At the conference, Anthropic revealed it achieved adjusted profitability in Q3, with positive operating cash flow. Its cumulative adjusted operating profit margin for the first three quarters of this year reached 11%, a figure excluding major costs such as stock-based compensation. This investor conference forms part of Anthropic’s IPO preparation process. Per The Information, Anthropic expects to go public before the U.S. Thanksgiving holiday (November 26) this year. In early June, Anthropic confirmed it had confidentially submitted a draft registration statement for its IPO to the U.S. Securities and Exchange Commission (SEC). Reuters previously reported that Anthropic is targeting an IPO valuation exceeding $2 trillion (approximately RMB 13.38 trillion), potentially surpassing SpaceX’s $1.77 trillion (approximately RMB 11.84 trillion) IPO valuation record — aiming to become the largest IPO in history. On the revenue front, Anthropic continued its growth trajectory in Q3, though its quarter-on-quarter growth rate slowed compared to Q2. According to The Information, robust market demand for its programming tool Claude Code drove Q2 revenue up over 140% from Q1; Q3’s quarter-on-quarter growth moderated to approximately 45%. Nevertheless, in absolute terms, Anthropic’s Q3 revenue alone already exceeds 3.6 times its full-year 2025 revenue of $4.6 billion (approximately RMB 3.0774 billion), underscoring the rapid expansion of its business scale this year.

Key business and tech developments this week — analysis and interpretation

Core growth driver: Demand for AI servers has triggered a multi-fold surge in demand for memory chips — especially high-bandwidth memory (HBM). Micron Technology has already sold out its entire 2026 annual HBM production capacity. Industry landscape reshaping: Global memory manufacturers are rapidly shifting production capacity toward higher-margin AI memory products, causing supply constraints for traditional memory chips and pushing the industry into an upward pricing cycle. Interpretation: Micron’s exceptional financial performance and sharp stock price surge fundamentally reflect the market’s strong optimism regarding AI infrastructure-driven explosive demand for memory chips — particularly the robust growth potential of high-bandwidth memory (HBM) — and the possible onset of a memory industry “super-cycle.” Autonomous driving sector achieves a landmark breakthrough, with competitive dynamics becoming increasingly clear: 1. China’s L3-level regulatory approval takes effect: Policy prioritizes limited-scenario deployment to guide commercialization. Event: China officially approved two L3-level autonomous driving vehicles — Changan’s and Arcfox’s — for road operation, permitting commercial services on designated routes in Beijing and Chongqing. 2. Waymo advances multi-billion-dollar fundraising: Capital intensifies support to accelerate large-scale operations. Event: Waymo plans to raise over $15 billion, with its current valuation nearing $100 billion, while simultaneously expanding its service coverage across additional cities. 3. Tesla tests fully driverless vehicles: Technological leap propels stock to new highs. Event: Tesla launched uncrewed Robotaxi road testing in Austin; following the announcement, its stock price surged to a new all-time high. Wang Haojun, Co-Founder and CFO of Pony.ai: Robotaxi enters the scaling-up phase — from “1” to “1,000” Wang Haojun stated that the autonomous driving industry has moved beyond initial technical validation and entered the deep waters of large-scale deployment and commercial operations. The industry’s focus has shifted decisively from “Can autonomous driving be realized?” to “How can it achieve profitability and scale?” Core breakthrough: For the first time, the per-vehicle economic model has turned positive. A key signal is Pony.ai’s achievement of positive unit economics (UE) within a single operational zone in Guangzhou. Specifically, excluding headquarters R&D expenses, revenue generated by each deployed Robotaxi now fully covers all associated costs — including vehicle hardware depreciation and operational management — achieving a self-sustaining, virtuous cycle at the individual-vehicle level. Multiple automakers secure L3-level testing or official licenses — accelerating China’s autonomous driving commercialization: On December 19, Xiaomi Auto announced it had obtained an L3-level autonomous driving road test license in Beijing and continues conducting regular L3-level road tests. On December 20, the Chongqing Municipal Public Security Bureau Traffic Management Corps officially issued the first L3-level autonomous driving dedicated license plate — “Yu AD0001Z” — to Changan Automobile, marking Changan as an industry pioneer formally entering the L3-level autonomous driving commercial era, with its Tianshu intelligent system now entering practical application. Interpretation: The recent wave of L3-level autonomous driving milestones sends a clear core message: Regulatory authorities have officially “opened the floodgates,” signaling that the autonomous driving industry has fully transitioned from the technology-testing phase into the commercial-deployment phase. Development paths diverge clearly between China and the U.S.: China centers its approach on policy guidance, steadily advancing commercialization within defined scenarios; the U.S., leveraging its technological edge in vehicle-level intelligence and strong capital backing, pursues an aggressive, expansion-oriented strategy.

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