Anthropic announced to investors a turnover of $16.8 billion in the third quarter, an increase of around 45% in three months, according to the Financial Times and Bloomberg, a few weeks before an IPO now expected in November and potentially record.
These figures, unaudited, were presented Wednesday during a day reserved for institutional investors at the company’s headquarters in San Francisco, according to the two media. The American champion of artificial intelligence (AI) declined to comment.
Growth is slowing, however: turnover more than doubled in the spring, from $4.8 billion in the first quarter to $11.6 billion in the second.
Profitability still difficult to measure
The company also says it is profitable for the second consecutive quarter, “on an adjusted basis”, a non-standardized measure which notably excludes share-based compensation, according to the FT.
In traditional accounting, the company lost nearly $42 billion in 2025, according to documents seen by Bloomberg and Reuters, including around $34 billion in accounting entries, with no money actually spent. Its operational loss, closer to real expenses, exceeded 8 billion, for 4.6 billion turnover in 2025.
Anthropic also claims to now generate more cash than it consumes and collect $1.70 in revenue for each dollar spent on computing power, according to these sources.
These indicators cannot be verified in the absence of published accounts: the prospectus, filed confidentially in June, has still not been made public.
However, these revenues remain much lower than the sums invested in the race for AI. Each generation of models requires more computing power to train and then meet demand that exceeds available capacity.
Anthropic, which rents most of its computing power to Amazon, Google and SpaceX, plans more than $500 billion in infrastructure spending over ten years, according to the FT.
A potentially record IPO
Anthropic could launch the sale of its shares as early as the week of November 9, for a listing before Thanksgiving, on November 26, Bloomberg suggests, updating a schedule already postponed several times: at the end of August, the American agency announced a publication of the listing file in the following days. The company has never confirmed a date.
Investors value the company between $1.8 trillion and $2 trillion, double its May valuation ($965 billion). The IPO could surpass the record set by SpaceX, which raised 85.7 billion in June.
In a preliminary version of the prospectus, Anthropic reiterated to its potential investors that the AI it is developing could pose “existential risks to humanity”, according to the document cited by the FT.
