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

Anthropic has told investors it will turn a profit for the second straight quarter, but the claim rests on an adjusted metric that leaves out costs like stock-based compensation. Gross margins run above 80 percent, according to the Financial Times, though that figure comes before revenue-sharing payments to partners like Amazon and the cost of training models.

Quarterly revenue jumped 14-fold from a year earlier to $11.5 billion, and the annualized run rate hit $65 billion at the end of July. SemiAnalysis analyst Joey Brookhart says investors expect $120 billion in annualized revenue by year’s end and nearly triple that by the close of 2027. Anthropic plans to go public on the Nasdaq at a possible valuation of $2 trillion or more. Rather than release its prospectus last week as expected, the company shared the documents with only a small group of investors at first. At the same time, CEO Dario Amodei publicly called for slowing down AI development. OpenAI CEO Sam Altman and Elon Musk backed the call. Altman told Fortune that OpenAI won’t go public this year.AdAd Follow The Decoder for AI news, background stories and expert analyses.