Anthropic Q3 Revenue Hits $16.8B, Turns Profitable, Racing for History's Biggest IPO
According to Bloomberg and insiders, Anthropic achieved Q3 2026 revenue of $16.8 billion (approx. RMB 1,126 billion), up nearly 46% QoQ and over 20x YoY. Crucially, the company turned profitable on an adjusted basis, with adjusted gross margin at 85%, adjusted operating margin exceeding 11%, and positive free cash flow for the first time — making it the first major foundation model company to reach profitability at scale. Anthropic held a closed-door investor day at its San Francisco headquarters, planning to launch its IPO roadshow as early as the week of November 9, targeting a listing before Thanksgiving and completion within the year, with a valuation target exceeding $2 trillion — potentially surpassing SpaceX's $1.77 trillion record from June 2026 to become the largest IPO in history. A successful listing would provide a critical test of capital market appetite for asset-heavy, thin-margin AI developers.
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