Anthropic Revenue Rises 45% to $16.8 Billion Ahead of Potential IPO
Key Facts
Anthropic's revenue rose to $16.8 billion in the third quarter of 2026, the Wall Street Journal reported, citing people familiar with the matter, as the company prepares for a potential initial public offering. Revenue grew 45% from the previous quarter, extending the rise in the company's revenue during the year. Second-quarter revenue totaled $11.6 billion, Reuters reported, citing participants in an investor meeting at which the company presented its financial performance. That followed revenue of $4.7 billion in the first quarter, according to the same participants who spoke to the news agency. Anthropic also told investors it achieved profitability "on an adjusted basis" in the third quarter, according to Reuters' account of the meeting.
The reported adjusted profitability follows a widening of the company's operating losses during the previous year, according to an analysis published by Investing.com citing Reuters. Those losses totaled $8.06 billion in 2025, compared with $2.98 billion in 2024. On revenue, Anthropic said in a statement announcing the expansion of its partnership with Google and Broadcom that its annual revenue run rate exceeded $30 billion in April 2026. The company compared that level with an annual run rate of about $9 billion at the end of 2025, before the announced expansion of the computing agreement. It said in the partnership statement: "Our annual revenue run rate has now surpassed $30 billion, up from about $9 billion at the end of 2025."
These developments followed Anthropic's $30 billion funding round in February 2026, according to the statement the company issued about the round at the time. The company's post-money valuation reached $380 billion following that round, according to the same statement. The funding announcement also included an update on its coding service, "Claude Code," whose annual revenue run rate the company said had exceeded $2.5 billion. Anthropic then announced in May 2026 that it had raised $65 billion in a subsequent funding round at a post-money valuation of $965 billion. The subsequent round thus brought funding and a valuation above the levels the company announced in February, across two rounds that preceded its preparations for a public offering.
On computing, Anthropic has a long-term commitment with Amazon, details of which it announced in a statement on the agreement between the companies in April 2026. The company said it had committed to spending more than $100 billion on Amazon Web Services technologies over the 10 years following the agreement. The commitment covers technologies provided by Amazon's cloud computing unit, according to the wording Anthropic used in its partnership announcement. In its May funding round statement, the company confirmed that Amazon Web Services would continue as its primary cloud provider and training partner. It said in that statement: "Amazon Web Services remains our primary cloud provider and training partner," alongside the long-term computing agreement between the companies.
As part of its preparations for a listing, Anthropic announced that it had confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. The company said in its announcement that it had "confidentially submitted a draft registration statement," a step in the process for the offering it is preparing. The draft was submitted to the U.S. regulator on a confidential basis, according to the description in the company's official registration statement announcement. The proposed offering concerns Anthropic's common stock, according to the company's announcement disclosing the submission. Anthropic tied the transaction to market conditions and other factors, saying the proposed offering "will depend on market conditions and other factors," leaving its completion subject to those considerations.
The earliest possible timing for the offering is November, according to the Wall Street Journal's report on Anthropic's preparations to enter the public market. The newspaper described it as a blockbuster public offering that could take place as early as the month following the report, wording that left the timing tentative. On its next computing plans, the company expects the capacity agreed with Google and Broadcom to begin coming online starting in 2027. That capacity involves the next generation of tensor processing units, according to Anthropic's statement on expanding the partnership with the companies. Anthropic said in the agreement statement that it expects this computing capacity to begin operating in 2027, as part of the arrangements it announced to expand its capabilities through the partnership with Google and Broadcom.