Anthropic, the San Francisco-based developer of the Claude AI models, has reported a 46% jump in quarterly revenue to $16.8 billion (€15bn), while also posting an adjusted profit. The figures, shared with investors on Wednesday, come just weeks before a planned stock market debut that could value the company at up to $2 trillion (€1.79bn).
The company told investors it was profitable for a second consecutive quarter on an adjusted basis, a measure that excludes certain costs. It also reported positive free cash flow and an operating margin of 11%, meaning that after covering running costs, it retained 11 cents for every dollar of revenue.
Anthropic's revenue growth, however, is showing signs of slowing. While sales more than doubled from the first to the second quarter, the latest figures fell short of some investors' expectations, as reported by the Financial Times. Each dollar spent on computing power generated $1.70 in revenue during the quarter, a ratio that has declined from earlier in the year.
IPO ambitions and market context
Anthropic filed confidentially with US regulators in June and is aiming to list in November, after the US midterm elections. The IPO could be the largest in history, surpassing the roughly $1.8 trillion (€1.6tn) valuation at which SpaceX, Elon Musk's rocket company, went public in June. It would also be about double the $965 billion (€863bn) valuation Anthropic achieved in a private fundraising round in May.
On standard accounting measures, Anthropic lost $42 billion (€37.5bn) in 2025 on revenue of $4.6 billion (€4.1bn), largely due to $34 billion (€30.4bn) in accounting charges linked to past fundraising. The company's annualised revenue, which projects recent sales over a full year, is expected to end 2026 below $100 billion (€89.5bn), short of the more than $100 billion that several backers had previously anticipated. Research firm SemiAnalysis estimates the current annualised figure at about $74 billion (€66.2bn), up from roughly $65 billion (€58.1bn) in late July.
The IPO is being led by Goldman Sachs and Morgan Stanley, according to reports. Marketing to investors could begin as soon as the week of 9 November, Bloomberg reported, citing people familiar with the matter.
Competition with OpenAI and European implications
Anthropic's main rival, OpenAI, the maker of ChatGPT, was approaching $50 billion (€44.7bn) in annualised revenue at the end of September, although the two companies count revenue differently, so the figures are not directly comparable. OpenAI is not expected to list on public markets before 2027, but competition in the sector remains intense.
Anthropic had appeared to lose ground to OpenAI in recent months, particularly after the release of OpenAI's Astra model. Cheaper Chinese models also pose a threat to its revenue. Meanwhile, European regulators are paying close attention to the AI sector. The European Commission has been testing the AI Act against both OpenAI and Anthropic over concerns about lab escapes, and Anthropic itself has warned that AI models could soon self-replicate beyond data centres.
The AI boom has also had a significant impact on European chipmakers. ASML, the Dutch semiconductor equipment giant, recently posted a record quarter but warned that supply would lag AI demand. TSMC, the Taiwanese chipmaker that supplies many AI firms, also reported record profits on the back of AI chip demand. These developments underscore the global nature of the AI supply chain, with European companies playing a crucial role.
Anthropic's IPO will be closely watched by investors and policymakers across Europe, as it will set a benchmark for the valuation of AI companies and could influence future regulatory decisions. The company's ability to sustain growth while managing costs will be key to its long-term success.
