❯ Anthropic’s Q2 Revenue Tops $11.5 Billion, Adjusted Operating Profit Turns Positive for the First Time

LEADAccording to Bloomberg, Anthropic disclosed to investors that second-quarter revenue exceeded $11.5 billion, more than 14x the $787 million posted in the same period of 2025, and more than double Q1’s $4.73 billion. Adjusted operating profit also turned positive — the company’s first operating-level profitable quarter. The numbers land as investment banks price its IPO.

BEATThe results beat the company’s own book. Internal forecasts that leaked in May had called for Q2 revenue of $10.9 billion, adjusted operating profit of $559 million, and a margin of roughly 5.1%. Actual revenue came in about $600 million above the projection. Earlier reporting put the company’s annualized revenue run rate past $47 billion as of May, with enterprise customer expansion the main engine and Claude’s coding product line contributing the lion’s share of the increase.

PRICINGThe company filed with the SEC in June and reportedly plans to list in October, with investors weighing valuations as high as $2 trillion — which would surpass SpaceX and make it the largest IPO in history. Against roughly $46 billion in annualized Q2 revenue, $2 trillion implies a price-to-sales multiple above 40x. Fortune has already questioned whether fundamentals can carry that number. The bull-bear dispute gets settled by the book-building results in October.

▪ SIGNALThe early arrival of the breakeven point does more to hold up the $2 trillion pricing table than the doubling of revenue.