Anthropic told a small group of shareholders it expects positive adjusted operating income for a second quarter running, according to the Financial Times. The measure leaves out stock-based compensation, and the 80%-plus gross margin the company cited is calculated before the revenue it shares with distribution partners such as Amazon and before what it costs to train the models, so Anthropic still hasn’t posted a quarterly net profit. Q2 was the first positive quarter, on $11.5 billion in revenue, up 14 times year over year, and investors expect annualized revenue to hit $120 billion by year-end from $65 billion at the end of July. Anthropic had been expected to publish its IPO prospectus last week and instead circulated it privately, having picked Nasdaq for the listing.
