Anthropic has told prospective investors that second-quarter revenue exceeded $11.5bn, more than 14 times the $787mn it made a year earlier, and that it recorded positive adjusted operating income. The figures are preliminary and come as the company prepares a listing.

Anthropic has told prospective investors that its second-quarter revenue passed $11.5bn. That is more than 14 times the $787mn it recorded in the same quarter of 2025, according to documents seen by Bloomberg.

The sequential jump is almost as steep. First-quarter revenue was $4.73bn, so the company has more than doubled inside three months and made roughly $16.2bn in the first half of the year.

The quieter line matters more. Anthropic recorded positive adjusted operating income in the quarter, which is not something the leading AI labs have been able to say.

All of it is preliminary and could be revised, and Anthropic declined to comment.

What is genuinely new here is the shape of the disclosure. The industry has asked to be valued on annualised run rates, a figure that takes current revenue and multiplies it out, and Anthropic has now put an actual completed quarter and an operating income line in front of investors instead.

The numbers also hold together. Four quarters at $11.5bn works out at $46bn, close to the $47bn run rate the company disclosed in May, which is more consistency than these figures usually show.

Comparison with OpenAI needs care. Its reported figure of more than $40bn is a run rate rather than a quarter’s revenue, and as Bloomberg notes, the two may not be calculated the same way.

The purpose of the disclosure is a listing. Anthropic has filed confidentially and is working with Morgan Stanley, Goldman Sachs and JPMorgan, with backers telling the Financial Times they expect a $2trn valuation in October.

Timing is part of the strategy. An autumn debut would put Anthropic on the public market before OpenAI, whose own valuation is under scrutiny from its investors, and before DeepSeek, which is preparing to file.

There is capacity waiting. Listings have raised $256.4bn this year excluding blank-cheque vehicles, the most since 2021.

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