The key facts
- Anthropic's revenue for July–September was $16.8 billion, up 46% from the previous quarter ($11.5 billion)
- The company reported a second consecutive adjusted profit, positive free cash flow, and an 11% operating margin
- The IPO is planned for November with a valuation of up to $2 trillion; under standard accounting, the company lost $42 billion in 2025
Quarterly results ahead of the IPO
Anthropic, the San Francisco-based developer of the Claude models, generated revenue of $16.8 billion (€15 billion) between July and September — roughly 46% more than the $11.5 billion (€10.3 billion) for the previous three months. The company presented these figures to investors at its headquarters on Wednesday, Bloomberg reports citing informed sources, a few weeks ahead of the initial public offering planned for November.
Profitability and slowing growth
According to the company, it has been profitable for the second quarter in a row on an adjusted basis that excludes a number of costs. On the same basis, Anthropic has positive free cash flow and an 11% operating margin. Every dollar spent on computing capacity brought in $1.70 of revenue. However, growth is slowing: while revenue more than doubled from the first to the second quarter, the latest results fell short of the hopes of some investors, as referenced by the Financial Times.
Annual revenue expectations
Annualized revenue, it is expected, will not reach $100 billion (€89.5 billion) by the end of 2026, whereas a number of investors had previously projected more than $100 billion. The research firm SemiAnalysis estimates the current figure at roughly $74 billion (€66.2 billion), up from about $65 billion (€58.1 billion) at the end of July.
Record listing
Anthropic confidentially filed for an IPO with US regulators in June and has not yet published a full prospectus. The company aims to go public in November, after the US midterm elections, with a valuation of up to $2 trillion (€1.79 trillion); according to media reports, Goldman Sachs and Morgan Stanley are leading the deal. This would surpass SpaceX's record — the company went public in June at a valuation of about $1.8 trillion — and would be roughly double the $965 billion (€863 billion) valuation at which Anthropic raised $65 billion (€58.1 billion) from private investors in May. Under standard accounting rules, according to a draft prospectus, the company lost $42 billion (€37.5 billion) in 2025 on revenue of $4.6 billion (€4.1 billion) — mostly due to $34 billion (€30.4 billion) in accounting expenses related to previous funding rounds.
Competition with OpenAI
Its competitor OpenAI, the developer of ChatGPT, approached $50 billion (€44.7 billion) in annualized revenue by the end of September, although the companies count revenue differently and the figures are not directly comparable. OpenAI, it is expected, will not go public before 2027. In recent months, Anthropic has, it is noted, been losing ground due to the release of the Astra model from Sam Altman's company, while cheaper Chinese models posed a risk to its revenue. According to Bloomberg, Anthropic could begin marketing its shares to investors as early as the week of November 9.
