Anthropic IPO: AI Lab Reportedly To Share Q3 Financials With Investors As It Weighs $2 Trillion Valuation

• Anthropic’s financial performance could offer clues about AI infrastructure demand.
• Earlier this month, confusion over OpenAI’s revenue figures rattled semiconductor stocks and the broader Nasdaq.
• A legal dispute over the U.S. government’s supply-chain risk designation for Anthropic adds uncertainty ahead of a potential listing.

Anthropic PBC plans to disclose its third-quarter financials to potential investors on Wednesday, as the artificial intelligence startup prepares for a potential initial public offering that could value it at $2 trillion, CNBC reported on Tuesday, citing people familiar with the matter.

The San Francisco-based company will share the numbers with a group of institutional investors, offering a closer look at its revenue growth and profitability.

The disclosure comes as investors increasingly scrutinize private AI companies' financial performance to assess the sustainability of the industry’s growth, which is powering growth for many public tech companies.

Earlier this month, confusion over OpenAI’s revenue figures rattled semiconductor stocks and the broader Nasdaq. Media reports initially pegged the AI startup’s annualized revenue at $70 billion, but the Financial Times later reported the figure was closer to $50 billion.

According to CNBC, the revised figure excluded revenue from cloud partners and did not signal weakening demand. Still, the discrepancy highlighted how accounting and revenue-reporting differences can shape investor perceptions of AI demand and trigger volatility across technology stocks.

Anthropic IPO Watch

Anthropic is reportedly targeting a valuation of $2 trillion, potentially making its debut one of the largest IPOs in history. The company confidentially filed with the Securities and Exchange Commission earlier this year but has not yet made its S-1 registration statement public.

Reuters has reported that Anthropic plans to list in November, although the timing has not been confirmed. Anthropic's latest valuation is $1.35 trillion, compared with OpenAI’s $985.59 billion, according to Nasdaq Private Market.

Anthropic Challenges US Government’s Risk Designation

Meanwhile, Anthropic has asked the full federal appeals court in Washington to reconsider a ruling that upheld the Trump administration’s designation of the company as a supply-chain risk to U.S. national security, Bloomberg reported Tuesday.

The company argued that the court’s September decision misinterpreted the law and that the designation retaliated against it for its position on AI safety.

The dispute began after negotiations over the military’s use of Anthropic’s technology broke down. Anthropic sought assurances that the government would not use its AI for mass surveillance of Americans or autonomous weapons deployment, while the government opposed restrictions on its use for national security purposes.

The legal battle adds another layer of uncertainty for Anthropic’s IPO.

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