Key points
- Anthropic shared quarterly numbers at its investor day
- One quarter outran all of 2025
- Anthropic says it turned an adjusted profit
Anthropic told prospective investors on Wednesday that its third-quarter revenue rose 45% from the second quarter to $16.8 billion, according to Reuters. Revenue was $4.7 billion in the first quarter and $11.6 billion in the second.
The company also told the group it was profitable on an adjusted basis in the third quarter. The figures came in a presentation at Anthropic's San Francisco headquarters, part of an investor day held ahead of its planned IPO. That report doesn't say which costs were excluded from the adjusted profit figure.
Anthropic's third-quarter revenue was more than three times its revenue for all of 2025. Annual revenue reached nearly $4.6 billion last year, up twelvefold from 2024, according to previously reported prospectus details. Revenue for the first nine months of 2026 adds up to $33.1 billion, by our arithmetic.
Anthropic lost more than $8 billion on an operating basis in 2025, and it has committed at least $518 billion over a decade to cloud services, computing, and infrastructure.
The listing could come in November
Anthropic is targeting a valuation of more than $2 trillion. It had set the Oct. 14 investor day after moving its IPO to November, and formal marketing could begin the week of Nov. 9, which would put a trading debut before Thanksgiving within reach. The listing is likely to come after the Nov. 3 midterm elections.
Amazon (AMZN) and Alphabet's Google (GOOGL) are both investors in Anthropic and supply the computing power it uses to train and run its Claude models. A public prospectus would provide more detail on Anthropic's finances, including how it defines adjusted profitability.
