Anthropic plans to disclose third-quarter financial results to institutional investors Wednesday as the San Francisco-based AI company prepares for what could become the largest initial public offering in history, according to people familiar with the matter.
The meeting comes as financial disclosures from private AI giants have begun to move major markets. Last week, OpenAI shared a revised revenue figure of $50 billion with current investors as part of an ongoing fundraise. That number proved lower than the $70 billion widely reported previously because it stripped out revenue from cloud partners. The confusion around OpenAI's accounting drove down major semiconductor stocks and the Nasdaq.
Bloomberg first reported Wednesday's Anthropic meeting. Anthropic declined to comment.
It remains unclear whether Anthropic will account for sales the same way OpenAI did, including or excluding partner revenue. The disclosure this week will provide investors a clearer picture of Anthropic's growth and profitability as they attempt to value the company ahead of an IPO. The numbers will also help Anthropic executives and investment bankers gauge investor interest and assess market reaction to the updated financials.
Anthropic is pursuing what could be a $2 trillion listing based on its latest reported revenue numbers, which could exceed $100 billion by year-end, according to people familiar with the plans. Such a valuation would surpass SpaceX's market debut. Anthropic filed confidentially with the Securities and Exchange Commission earlier this year but has not made its S-1 financials public. Reuters reported the company plans to list in November, though people familiar with the plans could not confirm a specific date.
The IPO timing carries risk. Climbing interest rates are shaking parts of the AI trade. Broadcom CEO Hock Tan said Monday at a conference that with rates rising, access to capital could become the biggest constraint on AI companies. Chip stocks fell Tuesday, extending an overnight sell-off driven by worries over the durability of AI financing.
Market conditions rank among the biggest factors shaping Anthropic's upcoming IPO. Investment bankers are closely watching investor appetite for growth and AI stocks.