Anthropic plans Q3 financial disclosure as potential IPO nears

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Anthropic Q3 financials and IPO

Highlights

Anthropic will present its Q3 financials to institutional investors on Wednesday amid a confidential SEC filing and anticipated public listing.
The company’s accounting treatment—specifically whether it includes cloud partner revenue—remains uncertain and could materially impact investor valuation.
Anthropic could pursue the largest IPO in history with a potential $2 trillion valuation if 2024 revenue exceeds $100 billion, but listing timing remains unconfirmed.

Investor meeting sets out financial snapshot

As first reported by CNBC, Anthropic plans to present its third-quarter financials on Wednesday to a group of institutional investors gathered at its San Francisco headquarters, according to two people familiar with the matter who said the details are confidential.

The figures are expected to give potential investors a clearer basis for valuing the company as it prepares for a possible public listing. Anthropic has filed confidentially with the Securities and Exchange Commission earlier this year, but it has not yet made its S-1 financial statements public.

It remains unclear whether Anthropic will count sales in the same way as some peers, including whether revenue linked to cloud partners is included. That accounting treatment is closely watched because it can materially affect how investors interpret the company’s scale and momentum.

AI revenue metrics sway broader markets

The planned disclosure comes at a time when revenue updates from private AI groups are having an outsized effect on broader markets. Last week, uncertainty around a report on OpenAI’s revenue and revised accounting weighed on major semiconductor shares and the Nasdaq.

OpenAI shared an updated revenue figure of $50 billion with existing investors during an ongoing fundraising process, below the $70 billion that had been widely reported. According to a person familiar with the matter, that updated number excluded revenue from cloud partners and did not signal weaker demand.

Anthropic is moving ahead with what could become the largest IPO in history, based on people familiar with plans who say its valuation could reach $2 trillion if its latest reported revenue trajectory continues and sales top $100 billion by the end of this year. While Reuters has reported that the company will list in November, people familiar with the plans do not confirm a date, and bankers are still watching market conditions and investor appetite for growth and AI stocks.

Our earlier coverage highlighted Paul Tudor Jones’s warning that a wave of large AI-related IPOs and fundraising—potentially including offerings from Anthropic and OpenAI—could materially increase equity supply and test the market after a long rally. The piece noted that while buybacks and M&A have supported stocks by constraining supply, heavier new issuance and secondary offerings tied to the AI buildout could become a headwind if investor demand does not keep pace.

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