Zhitong Finance App learned that, according to people familiar with the matter, Anthropic PBC told potential investors that its third-quarter revenue reached US$16.8 billion. The artificial intelligence modeling company is advancing plans to go public.
According to people familiar with the matter, the company behind Claude told investors at a promotion conference held at its San Francisco headquarters on Wednesday that it had achieved profits this quarter according to the adjusted caliber.
People familiar with the matter said that as of the third quarter, Anthropic had achieved positive free cash flow, an adjusted gross margin of 85%, and an adjusted operating margin of more than 11% (positive value).
Anthropic will begin an official market pitch for its IPO as early as the week of November 9, which makes it expected to start trading before Thanksgiving. Anthropic is expected to launch before the end of this year at the latest.
These sources said that related discussions are still ongoing, and the schedule may continue to change.
Anthropic has been gaining momentum for most of this year, but now it is facing a new round of competition from rivals such as OpenAI, and the two sides are on par in the competition for higher valuations. Following a series of high-profile “uncontrolled intelligence” hacks, these companies are also at the center of public scrutiny over rising AI security, which has heightened concerns that it could affect Anthropic's IPO.
Meta (META.US) has released an AI model, which the company says is a major leap forward from its own predecessor, giving investors another competitor to look out for. According to the company, Muse Wonder's ability to program or handle financial and legal issues is comparable to OpenAI's ChatGPT and Anthropic's Claude.
Investors' reactions to Anthropic's latest developments are critical to the IPO process. Some investors said before Wednesday's meeting that the company's reasonable valuation is in the $1.8 trillion to $2 trillion range. The company expects its IPO to be the same size or larger than SpaceX's.
Anthropic's net loss in 2025 was nearly $42 billion, an increase of about five times over the previous year's approximately $8.3 billion. According to documents seen by the media, the company's revenue for the full year of 2025 was about 4.6 billion US dollars, a significant increase from the previous year's 386 million US dollars, but operating losses expanded to more than 8 billion US dollars.
Continued promotion of IPOs means that Anthropic is going against the trend of a series of delays and delays in the global IPO market.
Data center operator AirTrunk has postponed the IPO of a real estate investment trust in Singapore until next year, and Australian data center company Firmus' IPO plan came to an end just a few days ago.