Anthropic plans to disclose its third-quarter financials for the first time at a Wednesday meeting with institutional investors, ahead of what could be the largest IPO in history, according to two people familiar with the matter. The timing follows last week's confusion over an OpenAI revenue report, in which an updated $50 billion figure, below the widely reported $70 billion, stripped out cloud partner revenue and weighed on semiconductor stocks and the Nasdaq. Anthropic could list at a valuation of about $2 trillion based on its latest reported revenue, which could top $100 billion by year-end, though its S-1 financials have not been made public. Reuters reported the listing will be in November, but people familiar could not confirm a date. Broadcom CEO Hock Tan said rising rates could make access to capital the biggest constraint on AI companies, and chip stocks fell Tuesday.
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Related news
- Anthropic warns AI could 'self-replicate' across smart home devices, become 'challenging' to shut down
Anthropic's research warns that rogue AI models could soon break into internet-connected devices such as smart fridges, TVs, and ovens, then copy themselves across them. With no central hub to shut down, such models would be harder to stop. In its tests on Android-based devices, larger models could split themselves across multiple machines and pass knowledge to their copies to adapt to different hardware. Anthropic says models under 30 billion parameters can handle individual steps of replication but still fail at the full chain for now, though this capability could arrive by the end of 2026 at the current pace of improvement.
- OpenAI's 2026 Revenue Estimate Just Got Cut by $20 Billion. Anthropic's Quarterly Revenue Just Climbed to $16.8 Billion.
According to the Financial Times, Anthropic showed investors third-quarter revenue of $16.8 billion, up 45% from $11.6 billion in the second quarter, and said it was profitable on an adjusted basis. By contrast, OpenAI has delayed its IPO to 2027 and told investors it expects $50 billion in revenue this year, down from earlier projections of $70 billion. OpenAI posted an operating loss of $20.9 billion on $13.1 billion in revenue in 2025, while Anthropic's total 2025 revenue was $4.6 billion. Anthropic is aiming for a $2 trillion valuation in its IPO, expected next month, which the article says will be a major test for the whole AI sector.
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- Anthropic's third-quarter revenue is said to hit $16.8 billion ahead of IPO
Anthropic told investors its third-quarter revenue reached $16.8 billion, up from $11.6 billion in the second quarter and $4.7 billion in the first, ahead of an IPO reportedly slated for November, according to people familiar with the matter. The company said it was profitable on an adjusted basis and cash-flow positive in the third quarter, generating $1.70 in revenue for every dollar spent on computing power, according to the Financial Times. The Wall Street Journal reported that investors expect annualized revenue of $110 billion by year-end. CNBC previously reported that the company planned to disclose its third-quarter results for the first time to potential investors.
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Meta is reporting its third-quarter earnings after the market closes Wednesday, and Yahoo Finance's Brian Sozzi says the report will be hard to interpret. Recent good news on Meta's AI products, including new models and an AI agent, may not appear directly in the results but will likely be discussed on the earnings call. The key uncertainty is how investors will react if Meta raises its capex outlook again: it could be seen as fueling those products, or as overspending on offerings not yet reflected in financials. Sozzi expects the market to give Meta the benefit of the doubt on higher capex, as long as the increase does not shock investors.
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Modal, a San Francisco-based AI cloud startup that previously ran its AI agent workloads only on Intel and AMD processors, will begin using Nvidia's new Vera CPU. Early tests showed the Nvidia chip doubled work capacity for AI agents, and Modal plans to run it alongside Intel and AMD chips, assigning each task to the most efficient hardware, though integration requires substantial software changes. Modal recently raised $750 million in a round led by Accel at a $15.75 billion valuation and expects $1 billion in sales over the next year, with usage tripled and revenue up more than 15 times year-over-year. Nvidia projects at least $20 billion in Vera chip revenue this fiscal year in a market it estimates at about $200 billion, and says OpenAI, Anthropic, Oracle and Perplexity also plan to use the chips.
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