Anthropic expects to post a positive adjusted operating income for a second consecutive quarter, seeking to ease investor concerns about the heavy cash burn associated with developing frontier artificial intelligence models ahead of a potential initial public offering.
The Claude maker disclosed the expectation to a small group of shareholders, according to the Financial Times, which cited multiple people familiar with the matter.
The adjusted measure excludes costs including stock-based compensation.
Anthropic’s improved financial performance follows a sharp rise in revenue. The company recorded an adjusted operating profit in the second quarter after revenue surged 14-fold year-on-year to $11.5 billion, the report said.
Its annualised revenue reached $65 billion at the end of July, up from $9 billion at the end of 2025.
Gross margins are above 80% before accounting for revenue shared with distribution partners such as Amazon and the cost of training its AI models, according to two people familiar with the figures cited by the FT.
Sustained profitability would mark a significant milestone for the five-year-old company as it prepares for a potential stock market listing.
Anthropic has selected Nasdaq for the potential IPO, which could value the company at $2 trillion or more, according to a person cited by the FT.
The potential listing comes amid growing scrutiny of the pace and cost of developing increasingly powerful AI models.
Anthropic Chief Executive Dario Amodei on Saturday called for the industry to slow the pace of AI development. The position was also echoed by OpenAI Chief Executive Sam Altman and SpaceX Chief Executive Elon Musk, the FT reported.
Employees at rival AI laboratories have also discussed measures to manage AI development more safely, people familiar with the matter told the FT.
The discussions have been driven by recent security breaches and concerns over the capabilities of newer AI models.
