The Information: Anthropic Tells IPO Investors Distillation Accounts for Just 5–7% of Revenue

The Information reports Anthropic told pre-IPO investors that distillation workloads contribute only 5–7% of revenue, and that it materially cut back the activity in Q3 — a disclosure meant to reassure buyers that its anti-distillation push won't gut the top line. Reports put related Q3 revenue above $840M, with the lab banning tens of thousands of distillation accounts; growth is still rapid but slowing, which the piece says could weigh on the targeted $2T IPO valuation.