Report: Anthropic will release Q3 financial data today

Anthropic will disclose its third-quarter financial data to institutional investors this Wednesday, marking a key step for the AI giant in formally advancing the largest IPO in history.

On Wednesday, according to CNBC citing two sources familiar with the matter, Anthropic will convene a group of potential institutional investors at its San Francisco headquarters to publicly reveal its third-quarter revenue numbers for the first time. This disclosure will help company executives and underwriters gauge investor interest and test the market's response to its latest financial data.

The timing is highly sensitive. Just last week, OpenAI disclosed its latest annualized revenue to existing investors—$50 billion—lower than the widely circulated $70 billion figure, causing confusion and dragging down semiconductor stocks and the Nasdaq Index overall. Meanwhile, Broadcom CEO Hock Tan stated at a conference on Monday that as interest rates climb, capital access may become the biggest constraint for AI companies, further depressing sentiment in the AI sector, with chip stocks continuing their declines on Tuesday.

Paving the Way for IPO Valuation

According to sources, Anthropic is pursuing an IPO plan valued at about $2 trillion, with its revenue expected to exceed $100 billion by the end of this year. If successful, this valuation would surpass SpaceX’s historic listing and become the largest IPO ever.

Anthropic has already submitted a confidential filing regarding the listing to the U.S. Securities and Exchange Commission (SEC), but the S-1 has not yet been made public. The company plans to go public in November, though sources could not confirm the specific date.

The Q3 numbers disclosed to institutional investors will provide a more accurate window for assessing Anthropic’s growth trajectory and profitability. It remains unclear whether Anthropic will include revenue from cloud partners in its accounting—a central point of contention that led to last week’s market misinterpretation of OpenAI’s numbers.

A New Variable Shaking the Market

Revenue figures from private AI companies are having an outsized impact on broader capital markets. Last week's OpenAI incident clearly demonstrated that an accounting adjustment alone is enough to trigger a chain reaction in the market.

The $50 billion revenue number OpenAI provided to investors excluded revenue from cloud partners; according to sources, this does not reflect any change in underlying demand. Still, market misinterpretation caused significant volatility.

Whether Anthropic’s disclosure can avoid similar confusion will largely depend on the transparency and consistency of its accounting approach. Investors will be watching closely how it recognizes revenue in order to value the company reasonably ahead of its IPO.

The IPO Window Faces Pressure

The market environment is one of the greatest uncertainties facing Anthropic’s prospective listing. Persistently rising interest rates are unsettling some foundations of AI trading, with underwriters tracking shifts in investor risk preferences for growth stocks and AI assets closely.

Hock Tan’s remarks have further intensified market concerns about the sustainability of AI financing. He pointed out that in the context of rising interest rates, capital access will become the main bottleneck limiting the development of AI companies. This judgment has put further pressure on already battered chip stocks.

Against this backdrop, Anthropic’s investor meeting this week is not merely a routine financial disclosure, but a critical signaling event between company leadership and the market—the outcome will directly impact the IPO’s pace and pricing strategy.