Anthropic says revenue jumped to nearly $17 billion last quarter

Anthropic, the San Francisco-based artificial intelligence (AI) company, disclosed on Wednesday that its revenue surged around 50 percent to $16.8 billion in the September quarter, marking profitability on an adjusted basis for the previous six months, according to US media reports. The company, which reportedly aims to hold its initial public offering (IPO) in November following the US midterm elections, is targeting a $2 trillion valuation, surpassing SpaceX's record-setting $1.8 trillion valuation during its debut in June.

In a private meeting with investors at its headquarters, Anthropic presented updates on its finances, calculated on an adjusted basis, highlighting a free cash flow positive status and an 11 percent operating margin in the third quarter. Despite recording a net loss of $42 billion last year, Anthropic believes it is targeting a $30 trillion market, with its annualized revenue reaching $65 billion earlier this year, potentially increasing to $100 billion by the end of 2026.