Anthropic PBC has told prospective investors that its third-quarter revenue reached $16.8 billion, according to people familiar with the matter, as the artificial intelligence model company advances its plans for a public listing.
The company behind Claude told investors at a presentation held Wednesday at its San Francisco headquarters that it had achieved profitability on an adjusted basis for the quarter, the people said.
As of the third quarter, Anthropic had generated positive free cash flow, with an adjusted gross margin of 85% and an adjusted operating margin of more than 11% in positive territory, the people said.
Anthropic could begin the formal marketing of its IPO as early as the week of November 9, putting it on track to start trading before Thanksgiving. The company is expected to list by the end of this year at the latest. The discussions are still ongoing and the timetable could continue to shift, these people said.
Anthropic has gained momentum for most of this year, but it now faces a fresh wave of competition from rivals such as OpenAI, with the two sides running neck and neck in a race for higher valuations. Following a series of high-profile "rogue agent" hacking incidents, these companies are also at the center of growing public scrutiny over AI safety, adding to concerns that could affect Anthropic's IPO. Meta (META.US) released an AI model that the company says represents a major leap over its own predecessor, giving investors yet another competitor to watch.
According to the company, Muse Wonder's capabilities in coding, or in handling financial and legal questions, are on par with OpenAI's ChatGPT and Anthropic's Claude. How investors react to Anthropic's latest disclosures will be crucial to the IPO process. Some investors said ahead of Wednesday's meeting that a fair valuation for the company would be in the range of roughly $1.8 trillion to $2 trillion. The company expects its IPO size to match or exceed that of SpaceX's offering.
Anthropic posted a net loss of nearly $42 billion in 2025, roughly five times wider than the approximately $8.3 billion loss a year earlier. Documents seen by the media show that the company's full-year 2025 revenue was about $4.6 billion, a sharp increase from $386 million a year earlier, but its operating loss widened to more than $8 billion.
Pressing ahead with the IPO means Anthropic will be going against a wave of postponements and delays in the global new-issue market. Data center operator AirTrunk pushed back the IPO of a Singapore real estate investment trust to next year, just days after the listing plans of Australian data center company Firmus fell apart.
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