Anthropic informed investors on Wednesday that its revenue increased by approximately 50 percent, reaching $16.8 billion in the September quarter. Furthermore, according to US media reports, the company demonstrated adjusted profitability over the previous six months.
This San Francisco-based artificial intelligence laboratory is moving toward its long-awaited Initial Public Offering (IPO), where it is expected to aim for a valuation of $2 trillion, surpassing SpaceX's record valuation of $1.8 trillion set during its debut in June.
According to available data, Anthropic plans to conduct the IPO in November, following the US House of Representatives midterm elections. On Wednesday, the company held a closed meeting with investors at its San Francisco headquarters, as reported by the Financial Times and Bloomberg, which covered details of this meeting.
The presentation for investors included adjusted financial updates—a method often used by companies to exclude certain expenses. Anthropic notified investors that it has positive free cash flow and an adjusted operating margin of 11 percent in the third quarter.
However, last year the company recorded a net loss of $42 billion and, according to previous reports, is targeting a market worth $30 trillion. Its annual revenue reached $65 billion at the beginning of this year, and according to the New York Times, this figure could rise to $100 billion by the end of 2026.
This exceeds the figures of its main competitor, OpenAI, whose annual revenue is $50 billion, as Axios reported last week. It should be noted that although annual revenue figures attempt to forecast future company revenue based on sales, both companies use different methods to calculate these metrics, which makes direct comparison difficult.
Anthropic develops AI models and products under its flagship product Claude. OpenAI also creates the popular AI chatbot named ChatGPT and has postponed its IPO until 2027.