Anthropic heads for a second straight profitable quarter
Anthropic told investors its adjusted operating income will be positive for a second straight quarter. Second-quarter revenue was $11.5 billion.
The numbers
According to the Financial Times, Anthropic brought in $11.5 billion in second-quarter revenue, 14 times the same quarter a year earlier. Annualised revenue reached $65 billion at the end of July, up from $9 billion at the end of 2025.
Investors expect annualised revenue to reach $120 billion by year end and nearly triple that by the end of 2027.
The fine print on adjusted profit
The profit is adjusted, and that matters. The measure excludes stock-based compensation, and the gross margin above 80% leaves out partner revenue sharing and training costs. This is not a net profit figure after every cost.
IPO on the horizon
The company is targeting an October listing on Nasdaq, after filing a confidential S-1 with the SEC in June. Valuations of up to $2 trillion have been discussed, and Goldman Sachs, JPMorgan and Morgan Stanley are leading the offering.