Anthropic told prospective investors on 14 October that third-quarter revenue rose 45 per cent from the previous quarter to $16.8 billion, two people at its San Francisco meeting told Reuters. The attendees said the company also reported a profit on an adjusted basis as it prepared for a potential stock-market listing.
Key points
- Attendees put second-quarter revenue at $11.6 billion and first-quarter revenue at $4.7 billion.
- One attendee said Anthropic expects a $110 billion annual revenue run rate by the end of 2026.
- The company has committed at least $518 billion over a decade to cloud services, computing and infrastructure.
- Anthropic is targeting a valuation above $2 trillion for its potential listing.
Revenue rose through Anthropic’s first three quarters
The two attendees said Anthropic presented revenue of $11.6 billion for the second quarter and $4.7 billion for the first. The $16.8 billion figure covered the three months to the end of September. Anthropic gave the figures to prospective investors rather than in a public earnings release.
The meeting took place at Anthropic’s San Francisco headquarters. Attendees met chief executive Dario Amodei and chief financial officer Krishna Rao. AI Affairs had previously reported the company’s plan to give investors its first third-quarter figures on 14 October, ahead of a potential IPO.
One person who attended the meeting said Anthropic expects a $110 billion annual revenue run rate by the end of 2026. That is a company expectation reported by an attendee, rather than revenue earned during the third quarter. The two attendees also said Anthropic described itself as profitable on an adjusted basis for that quarter.
A $518 billion infrastructure commitment
Anthropic’s commitments to cloud provision, computing and other infrastructure total at least $518 billion across a decade. Those commitments put a longer-term cost alongside the quarterly sales figures being presented to prospective shareholders. The company is targeting a valuation of more than $2 trillion as it seeks a public listing.
Anthropic’s revenue increased twelvefold to nearly $4.6 billion in 2025, while its operating loss exceeded $8 billion, excluding writedowns of liabilities mostly associated with earlier fundraising, Reuters previously reported. The operating-loss measure for that year differs from the adjusted-profit description attendees gave for the third quarter of 2026.
Alphabet’s Google and Amazon occupy several positions in Anthropic’s business. Both invest in the company, supply computing power and distribute its products, while competing with it in AI. At the investor meeting, Anthropic executives discussed using the company’s AI in its own operations, including work on a custom chip.
Anthropic’s listing plans and OpenAI
Anthropic’s potential IPO is expected to come before a listing by OpenAI. The two companies’ plans would bring investors a choice between developers of competing AI models, with Anthropic presenting its revenue growth and adjusted quarterly profit alongside its infrastructure commitments.
OpenAI is also considering a listing expected to value it at more than $1 trillion, the BBC reported. OpenAI chief executive Sam Altman said in September that the company would not go public in 2026 while it addressed concerns about the technology’s safety. An Anthropic spokesperson declined to comment on the revenue figures, the BBC reported.
Reuters previously reported that Anthropic’s stock-market listing is likely to be delayed beyond the November US midterm elections.
