Anthropic's Q2 revenue reportedly tops $11.5 billion ahead of planned IPO

Anthropic’s preliminary second-quarter revenue topped $11.5 billion, according to figures the AI company reportedly shared with prospective initial-public-offering investors — a more than 14-fold increase from $787 million a year earlier.

The jump, weeks ahead of a planned October listing, would mark one of the steepest revenue ramps in the AI sector. Revenue rose from $4.73 billion in the first quarter of 2026, and the company reportedly posted positive adjusted operating income of roughly $559 million, described as its first-ever quarterly operating profit.

Anthropic confidentially filed for an IPO with the U.S. Securities and Exchange Commission in June 2026 and is targeting an October 2026 debut. Backers cited in the reporting expect annualized revenue to reach between $100 billion and $120 billion by year-end and a valuation of roughly $2 trillion — figures that would place Anthropic among the most valuable private companies ever to go public.

The numbers carry heavy caveats. They are preliminary, shared privately with investors rather than in an audited filing, and Anthropic has not confirmed them on the record. They rest on a single account of the investor materials, and pre-IPO revenue figures shown to prospective buyers are not independently verified until they appear in a registration statement.

If the quarter holds up in Anthropic’s prospectus, it reframes the economics of frontier AI: a company burning heavily on compute reaching operating profit at all is the datapoint investors will scrutinize most before October.