Anthropic’s quarterly revenue tops $11.5bn, a 14-fold jump
▼ Summary
– Anthropic reported second-quarter revenue above $11.5bn, over 14 times the $787mn from a year earlier, and more than double the first quarter’s $4.73bn, totaling roughly $16.2bn in the first half.
– The company recorded positive adjusted operating income in the quarter, a milestone other leading AI labs have not achieved.
– The figures are preliminary and subject to revision; Anthropic declined to comment on the disclosure.
– Anthropic has filed confidentially for a listing with Morgan Stanley, Goldman Sachs, and JPMorgan, with backers expecting a $2trn valuation in October.
– An autumn debut would put Anthropic on the public market before OpenAI and DeepSeek, amid the highest listing activity since 2021, with $256.4bn raised this year.
Anthropic has informed prospective investors that its second-quarter revenue surpassed $11.5bn, a figure more than 14 times the $787mn it posted during the same period last year. The company also reported positive adjusted operating income for the quarter, according to documents reviewed by Bloomberg.
The growth trajectory is striking even on a sequential basis. After recording $4.73bn in first-quarter revenue, the company more than doubled that figure within three months, bringing first-half totals to roughly $16.2bn.
What stands out most, however, is the operating income figure. Anthropic achieved positive adjusted operating income in the quarter, a milestone that the leading AI labs have yet to reach.
These numbers remain preliminary and subject to revision, and Anthropic has declined to comment on the disclosures.
The real shift here is in how the company is presenting itself. The industry has typically pushed for valuations based on annualised run rates, which extrapolate current revenue across a full year. Anthropic has instead put an actual completed quarter and an operating income line directly in front of investors, a more concrete form of evidence.
The figures also show internal consistency. Four quarters at the $11.5bn pace would produce $46bn in annual revenue, aligning closely with the $47bn run rate the company disclosed in May. That level of coherence is rare in these types of preliminary reports.
Direct comparisons with OpenAI require caution. OpenAI’s reported figure of over $40bn reflects a run rate, not quarterly revenue, and as Bloomberg notes, the two companies may calculate their metrics differently.
The disclosure is clearly tied to listing preparations. Anthropic has filed confidentially and is working with Morgan Stanley, Goldman Sachs and JPMorgan, with backers telling the Financial Times they anticipate a $2trn valuation when the company goes public in October.
Timing appears deliberate. An autumn market debut would place Anthropic ahead of OpenAI, whose valuation is facing scrutiny from its own investors, and before DeepSeek, which is preparing its own filing.
The market has room to absorb it. Excluding blank-cheque vehicles, listings have raised $256.4bn so far this year, the strongest pace since 2021.
(Source: The Next Web)
