- Anthropic’s preliminary Q2 revenue exceeded $11.5 billion, compared with $4.73 billion in Q1 2026 and $787 million in Q2 2025. [1] - The documents showed positive adjusted operating income, a non-GAAP measure that does not by itself establish net profit or positive free cash flow. [1] - Public disclosures do not yet establish Anthropic’s Q2 revenue-recognition definition, customer concentration, cash burn or free-cash-flow position. [1][4] - Anthropic and OpenAI have both submitted confidential draft S-1 registration statements, but neither has announced a listing date or offering terms.
[4][5] Anthropic’s preliminary second-quarter revenue exceeded $11.5 billion, more than twice the $4.73 billion reported for the first quarter, according to documents reviewed by Bloomberg News and reported by CNBC. The figure compares with $787 million in the second quarter of 2025, putting the latest result at more than 14 times the year-earlier figure. [1]
The documents also showed positive adjusted operating income. That is not the same as GAAP operating income or net profit, and the reported materials did not provide a reconciliation, an adjusted operating-income amount, cash-flow data or a measure of cash burn. Anthropic declined to comment, and the figures could be revised. [1]
What the revenue figure does — and does not — establish #
Anthropic’s public announcements provide context for the acceleration but do not substitute for financial statements. In April, the company said its annualized revenue run rate had surpassed $30 billion, up from approximately $9 billion at the end of 2025. In May, after announcing a $65 billion funding round at a $965 billion post-money valuation, Anthropic said its run rate had crossed $47 billion. [2][3]
A run rate annualizes a recent pace of sales; it is not the same as recognized quarterly revenue. The documents cited in the report describe the Q2 figure as preliminary, but the public materials do not specify whether the number is reported on a gross or net basis, how cloud-distributed sales are treated, or how much came from subscriptions, API usage and enterprise contracts. Those details will be important if Anthropic later makes its registration statement public. [1][4]
The company’s draft S-1 remains confidential. Anthropic said its June 1 filing gives it the option to go public after SEC review and that the offering would depend on market conditions. It did not set the number of shares, price or timetable. [4]
Positive adjusted operating income is a limited profitability signal #
The reported adjusted operating-income result suggests that Anthropic’s revenue exceeded the costs included in that non-GAAP measure during the quarter. It does not establish GAAP profitability, positive free cash flow or a reduction in the company’s need for outside capital. Without the reconciliation and cash-flow statement, the size and durability of the improvement cannot be assessed. [1]
Anthropic is also expanding its infrastructure commitments. The company said in April that it would secure up to 5 gigawatts of new Amazon capacity and commit more than $100 billion over 10 years to AWS technologies. It said more than 100,000 customers were running Claude on Amazon Bedrock. [2]
Amazon’s own second-quarter earnings release said its net income included $53.4 billion in pre-tax other income, primarily from its investments in Anthropic. That gain belongs to Amazon’s financial statements, not Anthropic’s operating results, but it shows how closely the companies’ financing and infrastructure relationships are linked. [6]
Anthropic and OpenAI are both preparing for possible listings #
Anthropic’s IPO process is preliminary, not an announced offering. OpenAI made a similar disclosure on June 8, saying it had confidentially submitted a draft S-1 but had not decided on timing and might remain private for some time. Neither company has publicly committed to a listing date, offering size or price range. [4][5]
The competitive fight is centered partly on enterprise distribution. Anthropic says Claude is available through Amazon Web Services, Google Cloud and Microsoft Azure, while AWS remains its primary cloud provider and training partner. In October 2025, Anthropic said it served more than 300,000 business customers and that the number of accounts generating more than $100,000 in annualized revenue had grown nearly sevenfold in a year. Those are company disclosures, not independent validation of customer spending or concentration. [3][7]
The next meaningful test will be the public S-1, if Anthropic proceeds. Investors will need the filing to show recognized revenue, margins, cash use, infrastructure commitments and the share of sales tied to major customers or distribution partners. Until then, the $11.5 billion figure is a significant reported growth signal, but not a complete account of Claude’s economics.
Companies mentioned #
Further sources #
[[1] CNBC reported, based on documents reviewed by Bloomberg News, that Anthropic’s … ↗](https://www.cnbc.com/2026/08/15/anthropic-revenue-jumps-to-over-11point5-billion-in-q2-report.html)
[[2] Anthropic said its expanded Amazon agreement covers up to 5 gigawatts of capaci… ↗](https://www.anthropic.com/news/anthropic-amazon-compute?invite=1)
[[3] Anthropic said its Series H financing valued the company at $965 billion and th… ↗](https://www.anthropic.com/news/series-h?939688b5_page=1&refid=f12170c9-3765-478f-9679-5ed11bf6510b)
[[4] Anthropic announced on June 1 that it had confidentially submitted a draft S-1,… ↗](https://www.anthropic.com/news/confidential-draft-s1-sec?stargate_lang=en)
[[5] OpenAI announced on June 8 that it had confidentially submitted a draft S-1, ha… ↗](https://openai.com/index/openai-submits-confidential-s-1/)
[[6] Amazon’s second-quarter 2026 earnings release said net income included $53.4 bi… ↗](https://www.aboutamazon.com/news/company-news/amazon-earnings-q2-2026-report)+1 more
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