Anthropic reported a sharp rise in quarterly revenue as the artificial-intelligence company prepares for a potential stock-market debut that could value it at up to $2 trillion. The figures underline the intense competition in the global AI sector, while also raising questions about how quickly the company can sustain its growth.
The San Francisco-based developer of Claude AI models told investors that revenue reached $16.8 billion (€15 billion) between July and September 2026. That was approximately 46% higher than the $11.5 billion (€10.3 billion) recorded in the previous quarter.
Anthropic reports second consecutive adjusted profit
Anthropic said it was profitable for a second consecutive quarter on an adjusted basis. Adjusted results exclude certain costs and are not the same as figures prepared under standard accounting rules.
The company also reported positive adjusted free cash flow, meaning it generated more cash than it spent during the period. Its operating margin was 11%, indicating that a portion of revenue remained after operating expenses were deducted.
Anthropic told investors that every dollar spent on computing capacity generated $1.70 in revenue during the quarter. However, the figures also suggested that growth is beginning to moderate after an earlier period of much faster expansion.
- Quarterly revenue: $16.8 billion
- Quarter-on-quarter increase: about 46%
- Adjusted operating margin: 11%
- Adjusted profitability: reported for a second consecutive quarter
- Adjusted free cash flow: positive
Potential IPO could value the AI company at $2 trillion
Anthropic confidentially filed for an initial public offering with US regulators in June, but it has not yet published a full prospectus. The company is reportedly targeting a November listing, although the timing, valuation and final terms remain subject to change.
Goldman Sachs and Morgan Stanley have reportedly been selected to lead the offering. If Anthropic reaches a valuation of $2 trillion, the IPO would exceed the approximately $1.8 trillion valuation attributed to SpaceX when the rocket and satellite company completed its record-setting listing in June.
The proposed valuation would also be roughly twice Anthropic’s private-market valuation of $965 billion, established when the company raised $65 billion from investors in May.
Anthropic could begin marketing its shares to potential investors during the week of 9 November, according to reporting cited by Bloomberg. That process would provide more information about investor demand, the company’s financial position and the price range for the offering.
Why the valuation is significant
A valuation of $2 trillion would place Anthropic among the world’s most valuable technology companies. It would also test whether public-market investors are willing to support the exceptionally high valuations attached to leading AI developers.
The company’s rapid sales growth is being driven by demand for generative AI models and related computing services. At the same time, training and operating advanced models requires substantial investment in specialised chips, data centres and cloud infrastructure.
Revenue forecast falls short of some expectations
Despite the strong quarterly increase, Anthropic’s latest performance reportedly fell short of some investor expectations. Annualised revenue, which projects a recent quarterly run rate across a full year, is expected to finish 2026 below $100 billion.
Some backers had previously anticipated annualised revenue above that level. Research firm SemiAnalysis estimated Anthropic’s current annualised revenue at approximately $74 billion, compared with around $65 billion in late July.
These figures should not be confused with audited annual revenue. Annualised revenue is a forward-looking calculation based on recent performance, while reported revenue reflects a defined accounting period.
Accounting losses remain a major consideration
Anthropic’s adjusted profitability does not mean the company is profitable under every accounting measure. According to a draft prospectus reported previously, Anthropic recorded a $42 billion loss in 2025 on revenue of $4.6 billion.
Much of that reported loss was linked to approximately $34 billion in accounting charges associated with earlier fundraising. The distinction between adjusted and standard accounting results is likely to receive close attention if the company proceeds with an IPO.
Potential investors will also assess whether Anthropic can continue expanding while controlling the cost of computing power. The company’s reported revenue generated per dollar of computing expenditure offers one measure of efficiency, but it does not remove the capital demands of competing at the leading edge of AI development.
Anthropic competes with OpenAI and lower-cost models
Anthropic faces strong competition from OpenAI, the company behind ChatGPT, as well as developers offering lower-cost AI models. OpenAI was approaching $50 billion in annualised revenue at the end of September, although the two companies calculate and report revenue differently, making direct comparisons unreliable.
OpenAI is not expected to list on public markets before 2027. Until then, the companies are competing for business customers, developers, cloud capacity and access to advanced computing hardware.
Anthropic had appeared to lose some momentum after OpenAI released its Astra model. Cheaper Chinese models have also created additional pressure across the sector by offering businesses alternatives to higher-priced US-developed systems.
What happens next?
Anthropic has not yet confirmed the final timetable, share price or valuation for its potential offering. It must still publish the relevant prospectus and complete the regulatory steps required for a US listing.
Investors will be watching several issues in the next stage:
- whether the company maintains its recent revenue growth;
- how it defines adjusted profitability and free cash flow;
- the cost of computing infrastructure and model development;
- competitive pressure from OpenAI and lower-cost rivals; and
- whether public markets accept a valuation of up to $2 trillion.
The planned flotation is primarily a US financial-market event, rather than an EU policy decision. Nevertheless, it matters for Europe because AI companies, investors and regulators across the European market are closely following the commercial development of frontier AI and the costs of competing in the sector.
Conclusion
Anthropic’s revenue growth to $16.8 billion and its second consecutive adjusted quarterly profit strengthen the case for a major IPO, but they do not guarantee a $2 trillion valuation. The company’s next test will be demonstrating that it can convert exceptional AI demand into durable growth while managing infrastructure costs and intensifying competition.
