Anthropic IPO: $16.8B Revenue and $2T Valuation Target

Anthropic reported third-quarter revenue of $16.8 billion at a closed investor briefing, up 45% from the previous quarter’s $11.5 billion and from $4.7 billion in the first quarter. The company said it had positive cash flow and adjusted earnings, with an adjusted gross margin of about 85% and an adjusted operating margin above 11%. It did not disclose all adjustments or report GAAP profits, so the figures require verification in future filings. Anthropic is preparing for a possible IPO. Reports say its roadshow could begin as early as the week of November 9, with trading targeted before Thanksgiving. The company is reportedly discussing a valuation above $2 trillion—more than double its reported $965 billion valuation in a May funding round—and fundraising of more than $100 billion. These targets have not been confirmed in public offering documents. Attendees also projected an annualised revenue run rate above $110 billion by year-end; that is a projection, not reported revenue. At a $2 trillion valuation, the company would be valued at roughly 30 times its annualised third-quarter revenue. Investors will watch revenue growth, cash generation, computing commitments and final IPO pricing. The offering could set a benchmark for AI companies, including OpenAI: strong demand may support confidence in the sector, while a lower valuation or delay could point to weaker market appetite. The development has no direct trading impact on a specific cryptocurrency.