Anthropic reached profitability on an adjusted operating basis in the second quarter of 2026, according to its IPO prospectus. The company reported $4.08 billion in adjusted operating income through the first nine months of 2026, though it recorded a GAAP operating loss of $1.26 billion during the same period. The discrepancy is driven by the exclusion of stock-based compensation, noncash charitable contributions, and payments related to a class-action copyright lawsuit settlement.
Net income figures show a significant gap between adjusted and GAAP metrics. Anthropic reported a net loss of more than $104 billion through September 2026, while reporting an adjusted net income of $5.6 billion. A $94 billion noncash charge related to the rising value of securities issued to partners like Google and Amazon accounts for much of this difference. These arrangements allow the company to secure computing resources without immediate cash outlays.
Future capital requirements remain substantial. Anthropic has committed to spending approximately $900 billion on computing infrastructure and other costs, with roughly half of those commitments due by the end of 2030. The company expects to spend about $70 billion over the next year. Specific agreements include a deal with SpaceX worth up to $120.5 billion through 2029, alongside various deals with Alphabet's Google, Amazon, and Microsoft.
In its IPO roadshow presentation, Anthropic projected that computing and infrastructure expenses will eventually represent 45% to 50% of revenue, aiming for a long-term adjusted operating margin of roughly 35%. While the company saw 1,206% year-over-year revenue growth during the first nine months of 2026, analysts suggest the company must maintain rapid expansion to offset mounting costs.
"Anthropic is due to spend an enormous amount in the future, so it needs to continue growing rapidly to outrun those costs and remain profitable," CNBC's Jim Cramer said.
Anthropic is expected to price its IPO on Nov. 18 and begin trading on the Nasdaq on Nov. 19.
