SAN FRANCISCO: Anthropic's revenue surged around 50 percent to $16.8 billion in the September quarter, while the artificial intelligence company reported adjusted profitability over the previous six months, according to US media reports, as it prepares for a potential initial public offering (IPO) that could value it at $2 trillion.
The San Francisco-based artificial intelligence lab is barrelling towards a highly anticipated IPO, where it is expected to seek a $2 trillion valuation, beating SpaceX's record-setting $1.8 trillion valuation when it debuted in June. Anthropic is reportedly aiming to hold its IPO in November, after the US elections.
The company held a private meeting on Wednesday with investors at its headquarters in San Francisco, according to the Financial Times and Bloomberg. An investor presentation included updates about the company's finances, which were calculated on an adjusted basis - a method commonly used by companies that excludes certain costs.
Anthropic told investors it was free cash flow positive and had an 11 percent operating margin, both adjusted, in the third quarter. However, the company also recorded a net loss of $42 billion last year and believes it is going after a $30 trillion market.
Its annualised revenue reached $65 billion earlier this year, a figure which could reach $100 billion by the end of 2026, according to the New York Times. That eclipses its main rival, OpenAI, whose annualised revenue is $50 billion, Axios reported last week.
While annualised revenue figures attempt to project a company's future revenue based on sales, the two companies use different methods to calculate the figures, making direct comparisons difficult. Anthropic develops AI models and products under its flagship product known as Claude.
OpenAI likewise makes the popular AI chatbot known as ChatGPT and has pushed its own IPO out until 2027. Market analysts have noted that the rapid acceleration of artificial intelligence infrastructure spending and enterprise adoption continues to drive massive private and public market valuations across the technology sector.
As regulatory scrutiny increases regarding data privacy, compute power limitations, and market competition, both Anthropic and its primary competitors remain focused on scaling their foundational models to maintain market leadership. The upcoming initial public offering is expected to serve as a major benchmark for the technology industry, testing public market appetite for high-growth, capital-intensive artificial intelligence ventures over the coming years.