Anthropic plans to reveal its third-quarter financial statements for the first time at a meeting with potential investors on Wednesday as the artificial intelligence giant prepares for what could be the largest initial public offering in history. San Francisco-based Anthropic will release the figures to a group of institutional investors, according to two people familiar with the matter, who asked not to be identified because the details were confidential. Bloomberg first reported that the meeting was taking place. Anthropic declined to comment. The meeting comes as revenue figures from private AI giants have proven to have a huge impact on wider markets. Last week, confusion surrounding a report detailing OpenAI’s revenue and updated accounting dragged down major semiconductor stocks and the Nasdaq overall. OpenAI shared an updated revenue figure of $50 billion with existing investors as part of an ongoing fundraising, which was lower than the $70 billion that had been widely reported. The updated figure excluded revenue from cloud partners and was not an indication of a change in demand, according to a person familiar with the matter who asked not to be identified discussing internal information. It’s unclear whether Anthropic will account for sales the same way and include revenue from partners, but this week’s numbers will give investors a more accurate snapshot of Anthropic’s growth and profitability as they look to value the company ahead of an IPO. It will also help Anthropic’s senior executives and bankers gauge investor interest and gauge reaction to these updated financial statements. Anthropic is moving ahead with what could be a $2 trillion listing based on its latest reported revenue figures, which could surpass $100 billion by the end of this year, according to people familiar with the plans. That valuation would put it ahead of SpaceX’s historic debut. Anthropic filed a confidential filing with the Securities and Exchange Commission earlier this year, but has not made its S-1 financial statements public. The company will list in November, according to Reuters, but people familiar with the plans could not confirm the listing date. If it goes ahead, Anthropic will also list at a time when rising interest rates are shaking up parts of the AI trade. This week’s comments from Broadcom CEO Hock Tan further shook up the AI names. Tan said at a conference on Monday that with rates rising, access to capital could be the biggest constraint for AI companies. Chip stocks fell on Tuesday, extending an overnight selloff sparked by concerns about the durability of AI funding. Market conditions are one of the biggest factors in Anthropic’s upcoming initial public offering, and bankers are closely watching investor appetite for growth and AI stocks.
