Anthropic told investors it expects $10.9 billion in revenue and $559 million in operating profit for the second quarter of 2026, making it the first frontier AI lab to achieve a profitable quarter — ahead of OpenAI and xAI.
Competitors are still bleeding red ink from massive model training costs. SpaceX’s latest IPO filing disclosed that its merged xAI business has racked up $6.4 billion in operating losses. OpenAI, meanwhile, told investors it doesn’t expect to turn profitable until 2030, and plans to spend over $600 billion on compute expansion before then.
Profitability hasn’t slowed Anthropic’s hardware ambitions. The company signed a $15 billion annual compute lease agreement with SpaceX and has multitrillion-dollar potential deals with Google and Amazon. Anthropic is close to closing a $30 billion funding round that would value it at $900 billion. It also hired law firm Wilson Sonsini last year to prepare for an IPO, accelerating plans for a public offering later this year.