Anthropic plans to disclose third-quarter financial results for the first time at a Wednesday meeting with institutional investors, according to two people familiar with the matter who requested anonymity. The presentation comes as the San Francisco-based AI company prepares for what could become the largest initial public offering in history.
The company declined to comment. Bloomberg first reported the meeting.
Anthropic's revenue disclosure carries weight for broader markets. Last week, confusion over OpenAI's reported revenue numbers and accounting methods caused sharp declines in semiconductor stocks and the Nasdaq. OpenAI shared a $50 billion updated revenue figure with current investors during an ongoing fundraise, down from the $70 billion widely reported earlier. The revision stripped out revenue from cloud partners and did not reflect changing demand, according to a person familiar with the matter.
The accounting treatment remains unclear for Anthropic. An updated revenue picture will help institutional investors value the company ahead of an IPO and allow Anthropic executives and bankers to gauge investor interest and reaction to the new financials.
Anthropic is pursuing what could become a $2 trillion listing based on latest reported revenue numbers, with projections topping $100 billion by year end, according to people familiar with the plans. Such a valuation would exceed SpaceX's historic debut value.
Anthropic filed confidentially with the Securities and Exchange Commission earlier this year but has not made S-1 financials public. The company will list in November according to Reuters, though people familiar with the plans could not confirm the date. The timing coincides with climbing interest rates pressuring parts of the AI trade.
Broadcom CEO Hock Tan rattled AI stocks this week, saying at a conference Monday that rising rates could make access to capital the biggest constraint on AI companies. Chip stocks fell Tuesday, extending an overnight sell-off driven by concerns over AI financing durability.
Market conditions represent one of the largest factors in Anthropic's upcoming IPO. Bankers are closely watching investor appetite for growth and AI stocks.