Anthropic Targets $2T IPO as Profit Streak Eases Cash Fears

Anthropic has informed shareholders that it expects to report positive adjusted operating income for a second consecutive quarter, aiming to ease cash-burn concerns ahead of a potential Nasdaq initial public offering that could value the firm at $2 trillion or more, according to a Financial Times report.

"Anthropic has chosen Nasdaq for the IPO, which could value the company at $2 trillion or more," according to a person cited by the FT.

Revenue Growth and Second-Quarter Milestones

The artificial intelligence startup recorded an adjusted operating profit in the second quarter following a surge in revenue. According to data cited by investing.com, revenue climbed 14-fold from a year earlier to $11.5 billion.

Anthropic's annualized revenue reached $65 billion at the end of July, up from $9 billion at the end of 2025. The company's gross margins sit above 80% before accounting for revenue shared with distribution partners such as Amazon and the heavy capital expenditures required for training large-scale artificial intelligence models.

What Is at Stake for AI Infrastructure Markets

The shift toward profitability marks a notable milestone for capital-intensive generative artificial intelligence developers, which have historically faced intense scrutiny over high infrastructure spending and cash-burn rates. By demonstrating consecutive quarters of positive adjusted operating income alongside an annualized run rate of $65 billion, Anthropic is positioning its financial metrics to support one of the largest public market debuts in technology history as it prepares for its Nasdaq listing.