Single season>Full year of 2025! It is expected that Anthropic's second quarter revenue will reach $10.9 billion, achieving quarterly profitability for the first time.

According to informed sources, the artificial intelligence (AI) startup company Anthropic is expected to achieve $10.9 billion in revenue in the second quarter, surpassing the company's sales for the entire previous year. At the same time, if Anthropic reaches this target, the company will achieve its first quarterly profit. The source added that Anthropic's revenue for the first quarter was $4.8 billion, which means its sales more than doubled in just a few months. Anthropic announced last month that its Annual Recurring Revenue (ARR) has exceeded $30 billion, a significant increase compared to the $9 billion at the end of 2025. In a report at the beginning of May, third-party research firm Semi Analysis pointed out that Anthropic's ARR has now risen to around $44 billion. This rate of growth far exceeds that of OpenAI during the same period. The explosive growth in Anthropic's performance is mainly due to the popularity of its Claude AI model. Last month, Anthropic had previously stated that the demand for Claude had led to "inevitable pressure on infrastructure," affecting the "stability and performance" of the user experience, especially during peak hours. The surge in demand and the shortage of computing power have also led Anthropic to actively collaborate with commercial aerospace giant SpaceX, Alphabet Inc. Class C Cloud, Amazon.com, Inc. (AMZN.US), to acquire more computing resources. The surge in demand for Claude has become a "sweet burden" for Anthropic. Anthropic's CEO Amadi stated on Wednesday that the company had originally planned for a 10x growth, but the first-quarter revenue and usage had grown by 80x on an annualized basis, which also explains why the company has struggled to meet demand. He slightly arrogantly stated that the current growth level is "insane" and "difficult to cope with," and hopes that future expansion will be "more normal." Anthropic's competitive advantage in the enterprise market lies in the rapid growth of its performance. From a revenue perspective, enterprise clients contribute over 80% of revenue. Eight of the top 10 wealthiest companies are stable clients of Anthropic; the number of clients paying over a million dollars annually has doubled to over a thousand. Among them, the annual revenue of the single product Claude Code programming assistant has nearly reached $2.5 billion, a growth of over 5x from the mid-2025 figure of $400 million; enterprise usage contributes over half of the revenue of Claude Code. This means that Claude Code is no longer just a model function that "writes code," but has begun to be considered a serious enterprise software layer in terms of budgeting, permissions, audit, and organization management. For upstream businesses, the most important change is that demand will be more continuous and rely more on stable delivery, rather than sudden spikes in model releases. Data on enterprise expenditures at the beginning of 2026 shows that Anthropic holds a 73% share in companies purchasing AI tools for the first time, surpassing OpenAI's market share. The advantage Anthropic has in the enterprise market is directly related to its focus on "safety first" in product positioning. Anthropic is one of the leading large model manufacturers in the world, focusing on AI safety and alignment research, and its model outputs are significantly more compliant and accurate than similar products, rapidly penetrating industries with strict regulations such as finance, law, and healthcare. With the support of high-speed growth in performance, Anthropic's valuation growth curve is equally impressive. The F-round valuation in September 2025 was $183 billion, and the G-round valuation in February 2026 was $380 billion, an increase of over 107%. According to previous reports, Anthropic is considering raising billions of dollars this summer, potentially bringing its valuation close to $1 trillion, surpassing OpenAI which recently completed a record-breaking $122 billion financing in March with an $852 billion valuation. Sources quoted in the report say that as revenue continues to grow, Anthropic has attracted the interest of investors including Dragoneer, General Catalyst, and Lightspeed Venture Partners. The three sources said that Anthropic is expected to raise up to $50 billion in this round of financing. The transaction is likely to be completed within two months. However, the sources also added that Anthropic's CFO Rau has been in talks with investors, but has not yet reached an agreement on the terms, and it is not guaranteed that the deal will be finalized. Several sources said that investors hope to establish a position in Anthropic before the company's initial public offering (IPO) can take place before the end of the year. Although Rau has not officially started negotiations, existing investors have requested to participate in this round of allocations. Given the large size of the financing and the company's plans for an IPO, Anthropic may prioritize institutional investors who have experience in both public and private financing. Concerns remain At the same time, some analysts have pointed out that based on the information disclosed during the preparation of the prospectus, Anthropic's growth logic still has three major hidden risks that could be factors for some investors to question its high valuation. First, there is still a structural risk of customer concentration. Although the number of enterprise customers exceeds 300,000, the revenue is still highly concentrated among the top customers. In addition to Amazon.com, Inc. and Alphabet Inc. Class C contributing over 20% of the revenue, its business model has a deep binding with cloud platforms. Anthropic has committed to purchasing up to $30 billion in Azure computing power from Microsoft Corporation, over $100 billion in AWS computing power from Amazon.com, Inc. for the next ten years, and up to $40 billion in investments and 5 gigawatts of TPU computing power from Alphabet Inc. Class C while these long-term agreements come with large equity investments and reciprocal business interests, any price increases or supply fluctuations from core cloud vendors could still impact its gross profit margin level. On the revenue side, if top customers reduce purchases, switch to self-developed large models, or support other competitors, it will directly impact revenue stability. Secondly, Anthropic's unique governance structure may raise concerns among investors. Anthropic adopts a Public Benefit Corporation (PBC) architecture, with the core governance mechanism being the Long-Term Benefit Trust (LTBT), holding special T-class shares that have the right to elect the majority of the board members, meaning that even after going public, the company's strategic decisions will prioritize serving the "long-term interests of humanity" rather than shareholder returns. While this unique design gives it a policy advantage in the context of increasing AI regulations, it may also be viewed by public market investors as a "mission discount" trust institutions have veto power over certain business decisions, potentially leading to profits being sacrificed for ethical considerations, and investors' voting rights and profit rights will be restricted. Balancing the trust's mission with shareholder interests will be a core challenge for Anthropic. Finally, the high valuation premium puts Anthropic under immense pressure to deliver its performance. With a target valuation of $900 billion, based on an annual revenue of around $44 billion, its price-to-sales ratio is about 20 times, still far above the SaaS industry average of 8-12 times. To support the current valuation, Anthropic needs to achieve the goal of $70 billion in revenue and $17 billion in cash flow by 2028, meaning it must maintain annual growth of at least 50% for the next three years, while continuously improving its gross margin. Although the Semi Analysis report shows that Anthropic's reasoning infrastructure gross margin has increased from about 38% twelve months ago to over 70%, and the unit economic model is improving, the costs of large model training and reasoning remain high, coupled with price wars from competitors like OpenAI, Alphabet Inc. Class C Gemini, the difficulty of delivering performance remains significant. In summary, to go from a challenger to truly establishing a position rivalling OpenAI, Anthropic still needs to overcome multiple hurdles such as ecosystem construction, cost control, and expansion into the consumer market. Whether Anthropic's IPO can be accepted by the capital markets largely depends on whether investors are willing to pay a premium for its "safety-first" differentiated positioning and unique governance structure. Even if it successfully goes public, in an industry where the pace of large model technology iteration is less than 12 months, whether Anthropic can maintain its technological advantage and continuously improve its market share will remain a key focus for the market.