Anthropic targets a Nasdaq listing as quarterly revenue reaches $11.5 billion

Anthropic has chosen the Nasdaq for its planned public listing. According to the Financial Times, the company told investors it will be profitable for a second consecutive quarter. The claim relies on an adjusted metric that excludes costs such as stock-based compensation. Quarterly revenue rose 14-fold from a year earlier to $11.5 billion. Gross margins are reported above 80 percent, a figure calculated before revenue-sharing payments to partners such as Amazon and before model training costs.

The company could list at a valuation of $2 trillion or more. Instead of publishing its prospectus last week as expected, Anthropic first shared the documents with a small group of investors. SemiAnalysis analyst Joey Brookhart says investors expect $120 billion in annualized revenue by the end of the year.