Anthropic eyes Nasdaq listing as a second profitable quarter aims to win over investors ahead of a mega-IPO

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Anthropic has told investors it expects a second consecutive profitable quarter, measured by an adjusted metric that excludes stock-based compensation. Quarterly revenue reached $11.5 billion—up 14-fold from a year ago—with an annualized run rate of $65 billion as of July. Gross margins exceed 80 percent, though that figure comes before revenue-sharing payments to Amazon and the cost of training models. The company is targeting a Nasdaq listing at a valuation of $2 trillion or more. Rather than releasing its prospectus publicly last week as expected, Anthropic shared documents with only a limited group of investors first. SemiAnalysis analyst Joey Brookhart says investors project $120 billion in annualized revenue by year-end and nearly triple that by end of 2027. CEO Dario Amodei publicly called for slowing AI development at roughly the same time as the IPO push—a combination that positions Anthropic as safety-focused and commercially dominant ahead of investor scrutiny. OpenAI CEO Sam Altman confirmed OpenAI won't go public this year. The adjusted profitability claim warrants scrutiny: stock-based compensation and training costs are excluded and can be material for AI companies. The 80%+ gross margin is a partial picture of Anthropic's economics, not the full story.