Anthropic's second-quarter revenue came in at more than $11.5 billion. That's at least 14 times the $787 million it brought in during the same quarter last year, and roughly 2.4 times the $4.73 billion it posted in the first quarter. Adjusted operating profit also turned positive in Q2.
The numbers beat the company's own guidance, too. In May, Anthropic told investors it expected Q2 revenue of at least $10.9 billion and operating profit of $559 million. Preliminary revenue has now landed at least $600 million above that forecast.
The projections get even more aggressive from there. Internally, Anthropic expects 2028 revenue to reach somewhere around $190 billion to $200 billion. That number shouldn't be confused with the $47 billion annualized revenue figure Anthropic shared in May — the new estimate is a full-year projection two years out, while the old one was just the current revenue run rate stretched over a year.
Anthropic is gearing up for an IPO. Bankers and investors have already started valuing the company off that 2028 forecast. Valuing high-growth software companies on revenue is common; pricing them off a projection two years into the future is not. How high Anthropic's IPO valuation can go is largely a bet on whether that hypergrowth continues for two more years.