Anthropic, the developer of Claude AI, reported positive adjusted operating income for the third quarter of 2026. This marks the company's second consecutive profitable quarter on an adjusted basis, following a positive result in Q2 2026, where preliminary revenue exceeded $11.5 billion.
The company's annualized revenue run rate reached approximately $65 billion by late July 2026, up from roughly $9 billion at the end of 2025. Growth is driven by usage-based API access and subscription services. Excluding partner revenue share and training costs, gross margins are currently above 80%.
Despite adjusted profitability, Anthropic continues to report significant losses under GAAP accounting due to high computing power expenses and non-cash charges. In 2025, the company generated $4.6 billion in revenue, while recording an operating loss of about $8 billion and a net loss near $42 billion.
Anthropic is preparing for a Nasdaq IPO, with a target date around mid-November 2026. Roadshow activities for institutional investors are scheduled to commence around November 9, 2026. The company's potential valuation in the public offering is estimated at up to $2 trillion.
