Anthropic Revenue Jumps to $16.8 Billion in Quarter Before IPO

Anthropic PBC told prospective investors its third-quarter revenue hit $16.8 billion, according to people familiar with the matter, as the artificial intelligence model maker pushes ahead with plans to go public.

The firm behind Claude told investors it had achieved profitability in the quarter on an adjusted basis in a presentation Wednesday at its San Francisco headquarters, the people said.

Anthropic is set to begin formally marketing for its initial public offering as soon as the week of Nov. 9, putting it in line to begin trading before Thanksgiving, Bloomberg News has reported. Anthropic is expected to make its debut no later than the end of the year.

Read More: Anthropic Targets Mega-IPO Before Thanksgiving Holiday

Deliberations are ongoing and the timeline could continue to shift, the people said, asking not to be identified as the information isn’t public. The Financial Times reported some of the figures earlier Wednesday. A spokesperson for Anthropic declined to comment.

Anthropic, ascendant for much of this year, now faces renewed competition from the likes of OpenAI, which is neck and neck with its rival in the race for a higher valuation. The companies are also at the center of mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, ramping up concern about the potential impact on Anthropic’s IPO.

Meta Platforms Inc. added to competitors for investors to monitor after releasing an AI model which the company says is a big leap over its own predecessors. Muse Wonder’s capabilities put it on par with OpenAI’s ChatGPT and Anthropic’s Claude when it comes to coding, or working through financial or legal questions, according to the company.

Investors’ reactions to Anthropic’s update will be critical to the IPO process, with some indicating prior to Wednesday’s meeting that a fair valuation for the company is in the $1.8 trillion to $2 trillion ballpark. The company expects to match or beat the size of SpaceX’s IPO, Bloomberg News has reported.

Anthropic had a net loss of almost $42 billion in 2025, a roughly fivefold increase from about $8.3 billion the year before, Bloomberg News reported in August. The company’s full-year revenue was roughly $4.6 billion for 2025, up markedly from $386 million in the year before, though its operating loss ballooned to more than $8 billion, according to documents seen by Bloomberg News.

Powering ahead with an IPO would see Anthropic defy a string of delays and postponements in the market for new listings globally.

Data center operator AirTrunk delayed the IPO of a real estate investment trust in Singapore until next year, days after a planned IPO for Australian data center company Firmus collapsed.

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