Anthropic reportedly posts a $16.8 billion quarter and an adjusted profit

What happened: Per the Financial Times, Anthropic reportedly told investors it brought in $16.8 billion last quarter and turned an adjusted profit, meaning some costs are left out. That is up about 45% from the prior quarter, a slowdown from more than doubling the quarter before. Bloomberg reports Anthropic keeps about 85 cents of each sales dollar after paying to run its AI, and it reportedly showed positive cash flow. Its stock market debut is expected in November at a valuation reported near $2 trillion.
The claim: The revenue and profit figures come from what Anthropic reportedly told investors, not from public filings.
Austin's take: Austin finds it a little funny to call 45% quarterly growth a slowdown, and says he would consider buying the stock. He compares it to SpaceX, which looked like a great starting price at its IPO, then dropped significantly before recovering. He recalls Anthropic being at roughly a $19 billion annual run rate at the end of 2025 and targeting $110 billion by the end of 2026, calling it one of the fastest growing companies ever, while admitting it's hard to tell where it goes from here.
Why it matters: These numbers will help set the price when regular investors can finally buy Anthropic shares. Strong margins and cash flow make the case for a huge valuation, but slowing growth and an adjusted profit figure that skips real costs are the parts to watch.
What to do: If you're thinking about buying at the IPO, look past the headline profit to the full costs and the growth trend, and remember that hot debuts can drop before they recover.
Not confirmed yet: All figures are reported via the Financial Times and Bloomberg, not confirmed filings. The profit is adjusted and excludes some costs, the valuation and November timing are reported expectations, and Austin hedged his run rate numbers with "I think."
Sources: Financial Times
Bloomberg
Reuters
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