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Anthropic's growth SLOWED. To 45%. In ONE quarter. That’s still really fast though! ✅ Q3 revenue: $16.8b, up from ~$11.6b in Q2. ✅ Q2 had grown ~147% from Q1's ~$4.7b. ➡️ So that's the "slowdown." Still insane. ✅ Profitable on an adjusted basis, per people at its investor event. ➡️ Adjusted. Remember that word. It adds in (likely) stock comp, commissions, and a lot of training. ✅ Analysts there see a ~$110b run rate by year end. ✅ Reported IPO valuation target: over $2 TRILLION. ➡️ That's ~18x that run rate. ✅ The IPO could come after the midterms, maybe before OpenAI. ➡️ I've said the AI IPOs come after the midterms, Anthropic first! ➡️ IMO the tell is quarter-to-quarter growth through 2027. 🚨 These came from people at the event, not a filing. Join us at https://t.co/l7DltAzM7z 🚨 Update: Reuters says some IPO investors now talk ~$1.5 TRILLION, down from ~$2 trillion, as growth slowed.