Anthropic’s second profitable quarter lands before the IPO

Two quarters in the black in a row: Anthropic has told shareholders that its adjusted operating income will be positive for a second straight quarter.

The first of those quarters brought preliminary revenue of more than $11.5 billion, according to documents viewed by Bloomberg, against $787 million in the same quarter a year earlier.

The timing sits right next to the listing. Business Insider reported that Anthropic picked Nasdaq and has been targeting an October debut, while the valuation talk rests on a forecast of $190–200 billion in revenue for 2028, per Reuters.

“Adjusted” means a company picks which costs to leave out, so two such quarters look to us like a slim floor under the $2 trillion estimates Business Insider described as not finalized.