Anthropic plans to walk a group of institutional investors through its third-quarter results on Wednesday, according to two people with knowledge of the plans who requested anonymity due to the sensitivity of the information. Bloomberg first reported the investor meeting. Anthropic declined to comment.
The company submitted a confidential filing with U.S. securities regulators earlier this year but has yet to publish an S-1. Reuters has reported a November listing, but those in the know about the plans were unable to verify a schedule. The goal of the briefing is to equip investors with a clearer picture of how Anthropic is growing and earning money while they consider valuation, and to give senior leadership and its advisers a read on investor reactions to the updated figures.
Private AI valuations are being tested against actual revenue for the first time. Market Briefs covers that market free every weekday.
Private AI revenue updates have been swaying broader trading. Last week, muddle over a report that laid out OpenAI's revenue and revised accounting sent major chip shares and the Nasdaq lower. As part of an ongoing fundraise, OpenAI told current investors its revised revenue figure is $50 billion, which is less than the $70 billion figure that had been broadly shared. A person familiar with the matter said the updated tally left out revenue linked to cloud partners and did not signal softer demand.
It is not yet clear whether Anthropic will recognize partner sales in the same way. Either way, fresh numbers this week should give investors a sharper snapshot of how fast Anthropic is scaling.
People familiar with Anthropic's plans say the company is moving forward toward a potential $2 trillion listing, supported by its latest reported revenue trajectory, which they say could surpass $100 billion this year. At that size, it would sit ahead of SpaceX's historic debut. All of this is unfolding as rising interest rates jostle parts of the AI trade.
At a Monday conference, Broadcom CEO Hock Tan said that as rates rise, access to capital may become the largest constraint on AI firms. Chip stocks fell on Tuesday, extending an overnight sell-off tied to worries about the staying power of AI financing. For anyone watching from the sidelines, the takeaway is simple: when funding costs rise and sentiment wobbles, even the hottest stories can trade like a roller coaster.
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