Anthropic reported third-quarter revenue of $16.8 billion, marking a 45% increase from the second quarter. The company achieved an adjusted operating margin of 11%, marking its second consecutive quarter of adjusted profit. For every dollar spent on computing power, the firm generated $1.70 in revenue.
The company generated $4.6 billion in total revenue during 2025. In contrast, OpenAI reported an annualized run rate nearing $50 billion as of late September. Anthropic has committed to at least $518 billion in infrastructure spending over the next decade, with approximately 80% of these obligations being non-cancelable.
Investors have adjusted their year-end annualized revenue forecasts for Anthropic to approximately $74 billion, while some projections shared at a recent investor meeting suggest a potential reach of $110 billion. The company maintains a long-term revenue target of $190 billion to $200 billion by 2028.
Anthropic is preparing for an initial public offering with a target valuation exceeding $2 trillion. The company plans to begin formal marketing for the listing during the week of November 9, with trading expected to commence before Thanksgiving.
