Anthropic Reports $16.8 Billion in Q3 Revenue, Plans November IPO Roadshow

Summary

Anthropic reportedly told potential investors that its third-quarter 2026 revenue reached $16.8 billion and that it had achieved adjusted profitability, positive free cash flow, an adjusted gross margin of 85%, and an adjusted operating margin above 11%. The Claude developer made the disclosures at an investor presentation at its San Francisco headquarters. People familiar with the matter said the company could begin its initial public offering roadshow as early as the week of November 9, seek a Thanksgiving-week listing, and complete the offering before the end of 2026, although the timetable may change. Bloomberg previously reported that Anthropic hoped for an IPO at least as large as SpaceX’s reported offering. The latest figures represent a sharp change from the company’s earlier losses: revenue was about $4.6 billion in 2025, compared with $386 million in 2024, while 2025 net losses were reported at nearly $42 billion and operating losses exceeded $8 billion. Anthropic is under pressure from OpenAI and Meta, whose Muse Wonder model was presented as competitive with ChatGPT and Claude in programming and financial and legal tasks. AI safety concerns and cyberattacks involving agents add to investor scrutiny. Some investors have reportedly anticipated a valuation of roughly $1.8 trillion to $2 trillion. The planned listing would be pursued amid delays or failures affecting other data-center IPOs, including AirTrunk’s postponed Singapore offering and Firmus’s failed listing, making investor reaction an important test of AI commercialization and valuation expectations.