Anthropic Files for IPO as AI Economics Improve
Anthropic Files for IPO as AI Economics Improve
Anthropic reported an 8% operating profit in Q2 and says its inference business is highly profitable, with gross margin around 85%. Despite an $80 billion paper loss in H1, the company may already be profitable when excluding equity-related revaluations.
Anthropic Files for IPO as AI Economics Improve
Anthropic reported an 8% operating profit in the second quarter of this year. To date, the company has spent only $10 billion of investor money, leaving it with a financial cushion of more than $131 billion.
Inference is extremely profitable: Anthropic’s gross margin is around 85%. This figure includes both subscriptions and API, meaning the margin on the API is even higher. Subscriptions alone can also cover the inference cost for both subscription and API usage.
On paper, however, the company recorded an $80 billion loss in the first half of the year. Most of that loss, $72 billion, is explained by financing in which investors have the right to receive shares under agreed terms instead of cash repayment. Anthropic’s valuation increased noticeably after the capital was raised, and the difference between the value of the shares and the debt amount was booked as a loss. The remaining loss is also related to the revaluation of equity-linked obligations, but under a slightly different scheme. If these revaluations are excluded, the company is already profitable, a result that Q3 reports are expected to show.
Customer spending concentration is already relatively low and continues to decline. The top five customers account for 21% of revenue. For comparison, a little over a year ago GitHub and Cursor alone generated almost half of revenue. At the same time, as in early 2025 and now, more than 70% of revenue comes from customers in the United States.
The exact valuation at which Anthropic will go public is still unknown, but it is expected to be around $1.5–2 trillion. The IPO itself could take place as early as the second half of November. Meanwhile, there are no signs of progress on OpenAI’s IPO, which was postponed in September.
Why it matters
AnalysisThe numbers suggest that large language model providers can become profitable through high-margin inference and diversified customer bases. If Anthropic goes public with a $1.5–2 trillion valuation, it would be a major signal for the AI market and investor expectations.
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