Anthropic Opens IPO Roadshow With $16.8 Billion Quarter

Anthropic began its IPO roadshow on October 14, 2026 with an investor briefing at its San Francisco headquarters, according to the Financial Times. The company reported third-quarter revenue of $16.8 billion, up about 45% from the previous quarter.

Anthropic told investors it has posted adjusted profitability for two consecutive quarters, with an adjusted operating margin of 11% excluding stock-based compensation. The company is targeting a valuation of more than $2 trillion in its IPO.

At the briefing, Anthropic said distillation-purpose usage had accounted for 5–7% of revenue and was substantially reduced in the third quarter. On the previous day, Anthropic announced it had introduced strong defenses against illegal distillation, reducing data extraction attempts by up to 99%.

Anthropic's listing is expected to take place after the US midterm elections in November. In its earlier listing prospectus, Anthropic warned that AI could pose an existential risk to humanity.

Anthropic's revenue stood at $4.7 billion in the first quarter and $11.6 billion in the second quarter. Its major customers include Meta and Microsoft, and it competes with OpenAI.