Q3 revenue of 16.8 billion, profitability turned positive, Anthropic rushes to pitch before Thanksgiving, rings the bell within the year.

Anthropic PBC has told potential investors that its third-quarter revenue reached $16.8 billion, according to people familiar with the matter. The artificial intelligence model company is pushing ahead with plans for an initial public offering. The company behind Claude told investors at a pitch held at its San Francisco headquarters on Wednesday that it was profitable on an adjusted basis in the quarter, the people said. Anthropic achieved positive free cash flow through the third quarter, with an adjusted gross margin of 85% and an adjusted operating margin of more than 11% (positive), the people said. Anthropic could begin formally marketing its IPO as early as the week of Nov. 9, putting it on track to begin trading before Thanksgiving. Anthropic is expected to go public by the end of the year at the latest. The discussions are ongoing and the timetable could still shift, the people said. Anthropic has gained momentum for most of this year, but now faces a new round of competition from rivals including OpenAI, with the two neck and neck in a race for a higher valuation. After a series of high-profile "rogue agent" hacking incidents, these companies are also at the center of growing public scrutiny over AI safety, heightening concerns that could affect Anthropic's IPO. Meta (META.US) released an AI model that the company says represents a major leap over its own predecessor, giving investors yet another competitor to watch. According to the company, Muse Wonder's capabilities in coding, or handling financial and legal questions, are comparable to OpenAI's ChatGPT and Anthropic's Claude. Investor reaction to Anthropic's latest developments is crucial to the IPO process. Some investors said before Wednesday's meeting that a reasonable valuation for the company is roughly in the $1.8 trillion to $2 trillion range. The company expects its IPO size to match or exceed that of SpaceX's IPO. Anthropic posted a net loss of nearly $42 billion in 2025, about five times wider than the roughly $8.3 billion loss a year earlier. Documents seen by the media show the company's full-year 2025 revenue was about $4.6 billion, up sharply from $386 million a year earlier, but its operating loss widened to more than $8 billion. Sticking with the IPO means Anthropic will be going against a wave of postponements and delays in the global new-issue market. Data center operator AirTrunk postponed its IPO of a CareTrust REIT Inc in Singapore to next year, just days after the IPO plans of Australian data center company Firmus fell apart.