Anthropic's $16.8 billion quarter as OpenAI cuts forecast

Anthropic's closed-door meeting with investors gave a rare look at its numbers just ahead of an expected IPO next month. The company reported $16.8 billion in third-quarter revenue, up 45% from the prior quarter, and told investors it was profitable on an adjusted basis — a milestone that comes as it carries at least $518 billion in infrastructure and related commitments over the next 10 years.

OpenAI, meanwhile, is moving in the opposite direction. It has delayed its IPO to 2027 and is reportedly aiming to raise $30 billion at a valuation of $1.2 trillion to $1.5 trillion. It recently told investors it expected $50 billion in revenue this year, down from earlier projections of $70 billion, while its 2025 operating losses stood at $20.9 billion on $13.1 billion in revenue.

The two trajectories matter because the AI infrastructure build-out depends on at least one of these companies being profitable over the long term, and right now that looks more like Anthropic. How Anthropic's IPO fares — and whether investors reward its $2 trillion valuation target — could shape sentiment across the sector and influence when OpenAI returns to the market.