Anthropic to disclose new revenue numbers as AI lab financials become central to tech trade

Anthropic plans to disclose third-quarter financials to institutional investors at a meeting on Wednesday, marking the first time the AI lab has shared revenue numbers publicly as it prepares for what could be the largest IPO in history.

The San Francisco-based company will present the numbers to a group of potential investors, according to two people familiar with the matter who requested anonymity. Anthropic declined to comment, though Bloomberg first reported the meeting.

The disclosure comes as private AI giants' financial results have moved broader markets. Last week, OpenAI's revised revenue number of $50 billion, down from the widely reported $70 billion, rattled semiconductor and Nasdaq stocks. OpenAI stripped cloud-partner revenue from the updated figure, according to a person familiar with the matter who declined to be named.

It remains unclear whether Anthropic will use the same accounting method or include partner revenue in its disclosed numbers.

Anthropic filed confidentially with the SEC earlier this year and has not yet made S-1 financials public. Reuters reported a November listing date, though people familiar with the plans could not confirm this. The company is pursuing what could be a $2 trillion valuation based on reported revenue numbers potentially topping $100 billion by year's end, according to sources. That valuation would exceed SpaceX's historical IPO value.

Market headwinds may complicate the offering. Broadcom CEO Hock Tan said Monday at a conference that climbing interest rates could make capital access the biggest constraint on AI companies. Chip stocks fell Tuesday, extending a sell-off sparked by concerns over AI financing durability.

Bankers are closely monitoring investor appetite for growth and AI stocks as a key factor in Anthropic's IPO timing. The financials disclosed this week will give investors a more accurate picture of Anthropic's growth and profitability as they value the company, and will help senior executives and bankers gauge demand and assess market reaction to the updated numbers.