This might be why Claude's Anthropic is in such a rush to go public, possibly as soon as next month—because their annualized revenue growth has noticeably slowed down. From Q1 to Q2 this year, Anthropic's annualized revenue grew by 140% quarter-over-quarter. But from Q2 to Q3, it dropped to just about 45% QoQ growth, with single-quarter revenue around $16 billion. At the start of the year, when the market was hyping up the AI bull run, analysts and the community widely believed Anthropic's annualized revenue by year-end could surpass $100 billion. But based on the data disclosed now, the current annualized revenue is estimated to be in the range of $67–74 billion, which is clearly below expectations. Generally speaking, this data at least shows the company is still growing. However, Anthropic's IPO valuation is expected to hit $2 trillion, while SpaceX is only at $1.77 trillion—and that's with SpaceX presenting a series of impressive numbers as it pushes for its IPO.