New York (AFP) – Artificial intelligence (AI) start-up Anthropic published its third quarter results on Monday, marked by growth that is still sustained, even if it is decelerating, and activity close to profitability.

Published on: 02/11/2026 - 18:11

Turnover reached $17 billion, up 46% compared to the previous three months, according to a document published Monday by the American Market Regulatory Authority, the SEC.

The pace from one quarter to the next is significantly lower than between the first and second quarters (+144%), but it must be seen in the context of a company which could generate more than $50 billion in revenue in 2026 after only six years of existence.

Facebook or Google, considered examples in this area, had not yet crossed the threshold of one billion dollars in turnover during their sixth financial year. As for OpenAI, Anthropic's great rival, its revenues were estimated at less than $50 million at the same stage, in 2021.

Anthropic, which is preparing to go public, also reported a loss of $23.3 billion, a colossal amount but which includes an accounting effect of $21.9 billion unrelated to Anthropic's activity.

Just as in the second quarter, this emerging AI giant had to increase the value of bonds convertible into shares, purchased by external investors, notably Amazon, to take into account the valuation of Anthropic, multiplied by more than five between September 2025 and May 2026.

This revision is only an accounting entry game and has no effect on the company's cash flow.

132 billion in cash

The amended IPO file, published Monday, shows that costs linked to the use of IT infrastructure, mainly data centers, have accelerated more (+77% compared to the second quarter) than revenues.

To ensure that the development and use of its AI is not constrained by a lack of IT capacity, Anthropic has signed contracts worth $895 billion with suppliers, extending until 2045.

Anthropic has not yet indicated how much it intends to raise during its IPO, which could take place during the week of November 16, according to several American media.

Although it remains in deficit even excluding exceptional accounting items, with an operational loss of $567 million in the third quarter, the group has drastically reduced its cash consumption to finance its activity.

At the end of September, it had available reserves of $131.8 billion, equivalent to the $131.6 billion posted at the end of June, while the company has not raised any funds in the meantime.

This mattress places Anthropic among the best capitalized non-financial companies in the world. His situation should improve further with his arrival on Wall Street, which will allow him to raise several tens of billions of dollars.

According to several media, the group founded only five years ago plans to raise around $100 billion from investors during its IPO, for a valuation of between $1,500 and $2,000 billion.

It could thus surpass the world record set in June by SpaceX, which raised $86 billion.

The listing of Anthropic will formalize the billionaire status of the company's seven co-founders, who each hold approximately 1.4% of the capital. They could each find themselves at the head of a fortune of 15 to 20 billion dollars depending on the valuation of the group.

At the end of the introduction, they will, however, control the majority of voting rights (50.1%), the board of directors considering that they are "uniquely equipped to guide us in our mission", namely "the responsible development and maintenance of cutting-edge AI for the long-term benefit of humanity".

© 2026 AFP

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