Anthropic’s $10.9B Q2 Tops 2025 and Grows Faster Than Google and Meta Pre-IPO

Key Takeaways

• Anthropic told investors Q2 revenue will hit $10.9B, more than doubling Q1’s $4.8B and topping all of last year’s revenue in one quarter
• The company expects its first-ever operating profit of $559M in Q2 2026, growing faster than Google and Meta did before their public listings
• Anthropic is in talks to raise at a $900B valuation, surpassing OpenAI’s $852B, with a public listing potentially coming as early as October

Anthropic’s latest investor update is putting fresh attention on the company’s growth. This comes as competition in AI starts shifting from hype to actual revenue. The company is projecting $10.9 billion in Q2 revenue, more than double the $4.8 billion it generated in the first quarter. The numbers have also pushed Anthropic’s valuation discussions higher. Investors are reportedly considering a funding round that could value the company above OpenAI.

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How Anthropic’s $559M First Profit Pushes Its Valuation Past OpenAI at $900B

Anthropic expects to post an operating profit of about $559 million in the second quarter. This would be the first profitable period in the company’s history. It stands out partly because AI firms have spent the last two years warning investors about rising infrastructure and compute costs.

The company’s revenue growth has also been unusually fast. Anthropic’s revenue projections for 2026 now suggest the company could generate more money in Q2 alone than it made during all of 2025. According to investor materials reviewed by The Wall Street Journal, quarterly sales more than doubled within a few months.

A large part of the recent growth appears to be tied to enterprise demand rather than consumer subscriptions. Anthropic says eight of the Fortune 10 now use Claude products. It should be noted that more than 1,000 companies spend at least $1 million annually on its services.

The company has been expanding Claude into coding tools, APIs, and workplace software instead of focusing only on chatbot traffic. Bristol Myers Squibb recently expanded Claude access to more than 30,000 employees as part of internal research and development work.

This shift matters because investors have started paying closer attention to recurring business revenue instead of consumer app downloads or viral usage spikes.

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Anthropic IPO Conversations Are Starting Earlier Than Expected

An Anthropic IPO has not been formally announced. But recent revenue projections are already changing how investors view the company. Reports reveal that Anthropic is discussing a potential funding round that could value the business at nearly $900 billion. This is above the latest reported OpenAI valuation of roughly $852 billion.

Speculation around the gap between the two companies has also spilled into prediction markets. On Polymarket, traders were recently giving Anthropic an 83% chance of surpassing OpenAI’s valuation by the end of June.

The company still faces heavy spending commitments tied to AI infrastructure. Anthropic recently signed a long-term compute agreement with SpaceX tied to its Memphis data center operations. Despite this, a profitable quarter is enough to shift the conversation from whether AI companies can make money to how quickly they can scale.

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