Anthropic reports second straight profitable quarter on adjusted metric, revenue run-rate hits $65B, ahead of planned Nasdaq IPO at possible $2T+ valuation

Anthropic told a small group of investors, via briefing materials shared ahead of a planned Nasdaq listing, that it posted a second consecutive quarter of profit on an adjusted metric that excludes stock-based compensation and other costs. Quarterly revenue reportedly hit $11.5 billion, up 14x year-on-year, with an annualised run rate of $65 billion as of end of July. This came alongside IPO prospectus-style documents shared privately rather than published, with market chatter of a possible $2 trillion-plus valuation.

If accurate, this signals Anthropic is trying to build investor confidence for what would be one of the largest tech IPOs ever, which would materially shift capital flows in the AI sector and set a valuation benchmark competitors like OpenAI will be measured against. Enterprises and competitors should treat this as an indicator of Anthropic's negotiating position and fundraising leverage, not as audited proof of sustainable profitability. The scale of growth investors reportedly expect ($120B run rate by year end, nearly triple by 2027) reveals more about the bar Anthropic must clear than about what it has actually achieved.

There is no primary evidence here: no prospectus, filing, or link, just The Decoder relaying the Financial Times relaying what Anthropic told private investors. The "profit" claim rests on a self-selected adjusted metric that strips out stock-based compensation, revenue-share payments to Amazon, and training costs, so it is not comparable to standard profitability measures and should not be reported as "Anthropic is profitable" without that caveat. The "$2 trillion-plus" valuation and analyst projections of $120B revenue by year end are speculative framing, not confirmed figures, and should be treated as aspirational until a filing appears.

1. 01Whether Anthropic files an actual S-1 or equivalent Nasdaq listing document, and what it discloses about GAAP losses, cash burn, and compute costs versus the adjusted-profit figure
2. 02Confirmation or denial from Anthropic, Amazon, or Nasdaq of the reported $2T+ valuation range as the IPO process progresses
3. 03Whether the claimed $65B run rate and 14x revenue growth are corroborated by independent reporting (e.g. Reuters, Bloomberg) or remain sourced only to this one investor briefing