SAN FRANCISCO: Anthropic PBC told investors on Wednesday that September-quarter revenue reached $16.8 billion and that it had achieved adjusted profitability, as it prepared for a potential stock market listing.
Executives presented the financial update at a private meeting at the company’s headquarters, according to the Financial Times and Bloomberg.
Its presentation described adjusted profitability over the previous six months. Anthropic reported an adjusted operating margin of about 11% and positive adjusted free cash flow for the third quarter. Those financial measures exclude certain costs.
The company is reportedly targeting November, after the US midterm elections, for its initial public offering (IPO). Its prospective valuation is $2 trillion, compared with SpaceX’s $1.8 trillion valuation at its June debut.
An Anthropic spokesperson declined to comment to Business Insider.
AFP’s account put Anthropic’s 2025 net loss at $42 billion. That annual loss covers a different period and uses different accounting measures than the latest adjusted quarterly results.
Read: Anthropic Warns AI Could Self-Replicate on Cheap Devices
The New York Times previously put the company’s annualised revenue at $65 billion and reported that it might reach $100 billion by year-end.
Annualised revenue extrapolates sales from a shorter period to estimate a full year’s pace. It does not represent revenue already earned over an entire year.
Axios put rival OpenAI’s annualised revenue at $50 billion last week. However, the companies use different calculation methods, limiting direct comparisons between their figures. Anthropic markets its models and products under the Claude brand. OpenAI develops ChatGPT.
