Anthropic is set to record its first operating profit in the second quarter, with revenue more than doubling to $10.9 billion, The Wall Street Journal reported this week — a milestone the company reached about two years ahead of its internal plan.
The Numbers
Second-quarter revenue climbed roughly 130 percent year over year to $10.9 billion, according to the report, with an operating profit of about $559 million. Fortune noted the result helps justify a valuation above $2 trillion as media reports point to an initial public offering as soon as October — a move that would land just as OpenAI is expected to file its long-rumored S-1. AIToolsRecap flagged one caveat: Anthropic's $15 billion-a-year compute deal with SpaceX includes a ramp-up discount during the early months of the contract — precisely Q2 2026 — which flatters the quarter's profitability and could put pressure on Q3.
What's Next
Anthropic has ridden enterprise demand for its Claude models — including Claude Opus 5 and Sonnet 5 — to one of the fastest growth curves in AI. An October IPO would land as investors rotate toward AI infrastructure winners and as the company's gross margin profile improves with the discounted SpaceX capacity. Together with OpenAI's expected filing, the two listings would mark a historic moment for the AI industry's public-market debut.
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