Anthropic Projected to Generate $19.3 Billion in Q4 Revenue, Up 9.5x Year Over Year

Anthropic is projected to generate approximately $19.3 billion in Q4 revenue, according to an analyst note circulating online.
That represents a roughly 14% increase from Q3 and approximately 9.5 times its revenue from a year earlier. However, it implies an annualized revenue pace of about $77 billion, below the $81 billion run rate reported in October.
Anthropic's IPO filing noted that usage typically slows during the winter holiday season. Meanwhile, its latest model, Opus 5.5, reduced the cost per task by approximately 40%, while earlier price cuts had already lowered Q3 revenue by around $600 million.