Anthropic Tells Investors Revenue Hit $16.8 Billion in One Quarter

Anthropic told prospective investors on Wednesday that its revenue reached $16.8 billion in the third quarter, up 45 percent from the quarter before, as the AI company builds its case for a stock market listing that could value it at more than $2 trillion.

The figures were shared at a meeting for prospective investors at the company's headquarters in San Francisco, Reuters reported, citing an investor who attended. Anthropic has not published the numbers itself. They will face their first public test when a full prospectus appears, with costs set out next to the revenue.

Growth on a steep slope

The same attendee put first-quarter revenue at $4.7 billion and second-quarter revenue at $11.6 billion. On those figures, revenue in the first nine months of 2026 adds up to about $33 billion, and the third quarter alone brought in more than three times the $4.6 billion the company took in across all of 2025.

Other reports of the same meeting said the company told the room it was profitable in the quarter on an adjusted basis, for the first time. Adjusted profit leaves out some costs, and the company has run large operating losses while it builds. That gap between fast revenue growth and heavy spending is the heart of the pitch investors have to judge.

The case it has to make

Anthropic has committed hundreds of billions of dollars under long-term agreements for cloud services, computing power and infrastructure, Reuters has reported. Its backers sit close to the business: Alphabet's Google and Amazon are investors in Anthropic, suppliers of the computing it runs on and channels that sell its products, while also competing with it in AI.

The listing is expected to come before a public debut by rival OpenAI, which makes Anthropic an early test of how much investors will pay for AI growth at this scale. Reuters has reported the offering is likely to be pushed back until after the US midterm elections in November. Anthropic said on June 1 that it had filed confidentially for an initial public offering.

The company

Anthropic was founded in 2021 by former OpenAI staff, including chief executive Dario Amodei and his sister Daniela Amodei, the company president. It makes the Claude family of AI models and has built its name on AI safety research. A prospectus would give the first audited look at whether revenue can keep growing fast enough to carry the spending the company has promised.