Anthropic, the AI company behind the Claude model family, has newly disclosed revenue of $16.8 billion for the third quarter of 2026, achieving adjusted profitability and positive free cash flow, with an adjusted gross margin of 85% and an operating margin above 11%. The company recently held an investor presentation at its San Francisco headquarters and plans to launch its IPO roadshow as early as the week of November 9, aiming to list before Thanksgiving and complete its listing within the year. Its target fundraising scale is comparable to, or even exceeds, the size of SpaceX’s listing, and current market valuation expectations range from $1.8 trillion to $2 trillion.

Behind this is Anthropic’s rapid turnaround from a net loss of nearly $42 billion in 2025, directly outpacing the commercialization progress of most AI companies over the same period. More importantly, against the backdrop of several data center companies’ IPO plans recently falling through, the market feedback from Anthropic’s listing will directly determine the capital market valuation anchor for high-valuation generative AI companies, and will also directly affect the subsequent financing pace of leading competitors such as OpenAI and Meta.