Anthropic told investors it earned an adjusted profit on $16.8 billion in revenue

Anthropic told prospective investors on Wednesday that its third-quarter revenue reached $16.8 billion and that it was profitable on an adjusted basis, according to Bloomberg.

The company delivered the presentation at its San Francisco headquarters. For the quarter, Anthropic reported positive free cash flow, an adjusted margin of 85%, and an adjusted operating margin exceeding 11%, according to Bloomberg.

The company's net revenue retention came in at 900%, a figure that reflects the degree to which its existing customers are expanding their usage, according to Bloomberg. Anthropic's compute margin, which represents what remains of revenue once computing and infrastructure costs are stripped out, topped 40%.

A spokesperson for Anthropic declined to comment, according to Bloomberg.

According to Bloomberg, Anthropic is targeting the week of Nov. 9 to kick off its IPO roadshow, a timeline that would have the stock trading before Americans sit down for Thanksgiving. The year-end remains the outer boundary for the debut, though nothing is finalized.

Certain investors pegged an appropriate valuation somewhere in the $1.8 trillion to $2 trillion range, according to Bloomberg. The company is also aiming for its offering to be at least as large as SpaceX's June IPO. SpaceX went public at a $1.77 trillion valuation.

Anthropic had planned to share its quarterly numbers at a meeting with institutional investors as it prepares for a potential listing. The San Francisco-based company submitted a confidential registration with the SEC this year, though its S-1 filing has not been made public.

The company’s 2025 revenue was close to $4.6 billion, with an operating loss above $8 billion, according to its confidential IPO prospectus. Its net loss for the year was close to $42 billion, and close to $34 billion of that came from an accounting charge tied to financing instruments that could convert into company stock.

The prospectus targets a valuation above $2 trillion, more than double the $965 billion valuation Anthropic had in May.