Investor event and revenue
On 14 October, Anthropic gathered potential investors at its San Francisco headquarters and reported third-quarter 2026 revenue of $16.8 billion, according to the Financial Times, Reuters and Bloomberg. Reuters put growth at about 45% on second-quarter revenue of $11.6 billion, while Europa Press and Il Sole 24 Ore, citing the Financial Times, put growth close to 50%. Chief executive Dario Amodei and chief financial officer Krishna Rao both met attendees, who left upbeat about growth and the path to profit, Reuters reported. Anthropic has not published the results and declined to comment to Bloomberg. The $16.8 billion covers revenue earned in the quarter itself, not the annualised run rate that AI companies often quote.
Profit and cash flow
Anthropic told investors it posted an adjusted profit for a second consecutive quarter and generated positive cash flow, the Financial Times reported. Europa Press, citing the same outlet, put the adjusted operating margin at 11% and said the company earned $1.70 of revenue for each dollar spent on computing power. None of the reports say which costs the adjusted measure leaves out, although Diario de Noticias says it excludes items such as share-based pay to staff. In 2025, Anthropic's revenue rose to nearly $4.6 billion while its operating loss topped $8 billion, according to The Next Web, and that loss figure excludes write-downs of liabilities linked mostly to earlier fundraising.
Growth and valuation
Growth has slowed from the pace earlier this year, when sales more than doubled between the first and second quarters, Axios noted. Reuters put first-quarter revenue at $4.7 billion, while Europa Press gave $4.8 billion. Anthropic did not give an annualised revenue figure this time, but analysis cited by the Financial Times pointed to $74 billion, below the $100 billion previously expected for that measure. Libertatea, citing analysts who met management, estimated an annualised run rate of $110 billion by the end of the year. Some prospective investors put a fair valuation between $1.8 trillion and $2 trillion, Bloomberg reported, while Il Sole 24 Ore reported a valuation of $965 billion.
IPO timing and pushback
Bloomberg reported that formal marketing could start as early as the week of 9 November, with trading possibly beginning before Thanksgiving on 26 November, and that the dates remain fluid. Libertatea reported that the debut will probably be delayed until after the US midterm elections in November. Europa Press reported that the broader uncertainty around AI had already led to a postponement of the stock market debut of OpenAI, Anthropic's main rival. New York City's comptroller called for Anthropic to pause its IPO until it has fully addressed risks around the safety, governance and pace of development of artificial intelligence, according to Bloomberg Business. A prospectus that appeared in the press in September warned that advanced AI could pose catastrophic or existential risks to humanity, Libertatea reported.
- Anthropic shared second-quarter revenue above $11.5 billion with investors and said adjusted operating income was positive
- Investor event at San Francisco headquarters where third-quarter revenue of $16.8 billion was presented
- New York City's comptroller calls for Anthropic to pause its IPO
- Formal marketing could start as early as this week, per Bloomberg
- Trading could begin before Thanksgiving, per Bloomberg
Market backdrop
Axios reported that the S&P 500 fell more than 1% for the first time in 53 sessions as concerns about the AI trade mounted. Axios also cited Bloomberg Intelligence estimates that Claude Code reached an annualised revenue of $6 billion to $7 billion by late summer, and that Anthropic charges roughly 20% to 30% more than competing models. Alphabet turned free cash flow negative in its second quarter as spending on AI infrastructure surged, Axios noted. Axios framed Anthropic's disclosure as evidence that frontier AI can be a sustainable business, at a time when investors were fearing an AI bubble.