Revenue growth in Q3

Anthropic reported $16.8 billion in revenue for the third quarter, a 45% increase from the previous quarter, according to the Financial Times and Bloomberg. The company, known for developing the Claude AI model, has seen significant revenue growth, with figures more than doubling from $4.8 billion in the first quarter to $11.6 billion in the second.

Profitability claims and losses

Anthropic claims profitability for the second consecutive quarter on an adjusted basis, which excludes stock compensation and other non-cash expenses. However, traditional accounting figures show the company lost nearly $42 billion in 2025, according to documents reviewed by Bloomberg and Reuters, including about $34 billion in accounting entries that did not involve actual cash outflows.

Cash flow and unverified claims

The company also claims it now generates more cash than it consumes and earns $1.70 in revenue for every dollar spent on computing power, according to sources. These claims cannot be independently verified due to the absence of published financial statements. The prospectus, filed confidentially in June, has not yet been made public.

IPO timeline and updates

Anthropic, which has not confirmed a specific date, could begin selling its shares as early as the week of November 9, with a potential listing before Thanksgiving on November 26, according to Bloomberg. This timeline updates a previously postponed calendar; by the end of August, the American agency had announced the publication of the offering documents in the following days.

Investor valuation and risks

Investors estimate the company's valuation between $1.8 trillion and $2.0 trillion, more than doubling from its valuation in May, which was $965 billion. The IPO could surpass the record set by SpaceX, which raised $85.7 billion in June. In a preliminary version of the prospectus, Anthropic warned potential investors that the AI it develops could pose "existential risks to humanity," according to the Financial Times.