Anthropic promises investors a second profitable quarter

Anthropic has told investors that its adjusted operating income will be positive for a second straight quarter, the Financial Times reported on September 14. Reuters carried the same claim. The size of the profit was not disclosed.

Adjusted operating income measures the operating business with certain items stripped out, so it is not net profit. The wording also matters: “will be” makes this a forecast for a quarter that had not yet closed. The first profitable quarter came from documents covering a period that had already ended.

The profit forecast was not the only thing investors heard. Anthropic’s annualized revenue run rate, which projects current revenue over a full year, reached $65 billion at the end of July, up from above $47 billion in May. Reuters reported earlier that the valuation Anthropic is seeking in its planned IPO rests on a projection of $190–200 billion in revenue by 2028.

The IPO thread so far this year:

• February: Series G, $30 billion raised at a $380 billion valuation.
• May 28: Series H, $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
• June 1: Anthropic confidentially submits a draft S-1, the prospectus for an IPO.
• August 14: Bloomberg reports preliminary quarterly revenue above $11.5 billion and positive adjusted operating income for the latest completed quarter, against $4.73 billion in the first quarter of 2026 and $787 million a year earlier.
• August 17: CNBC confirms the $65 billion run rate from a weekend investor update, a sevenfold rise from a year earlier.
• September 13: Reuters relays a Business Insider report that Anthropic has picked Nasdaq for the listing.

The August documents showed the first profitable quarter, along with revenue that more than doubled from the first quarter. The September message to investors adds a second profitable quarter, this time as a forecast.