Anthropic Eyes $2T Nasdaq IPO After Second Straight Profit, Compute Deals Near $500B

• Anthropic is reportedly preparing for a Nasdaq IPO that could value the company at around $2 trillion
• The Claude maker expects a second straight profitable quarter as its annualized revenue run rate climbs above $65 billion
• Anthropic has lined up hundreds of billions of dollars in compute commitments across AWS, Google, Microsoft, SpaceX and other infrastructure partners

Anthropic is moving closer to Wall Street with a possible IPO on Nasdaq and a valuation that could reach $2 trillion. The Claude maker expects another profitable quarter, while revenue has been climbing at a pace few AI companies can match. But the growth comes with a huge cost. Anthropic AI has also committed hundreds of billions of dollars to the compute capacity needed to keep scaling.

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Anthropic IPO Gets a Profitability Boost Before Nasdaq Listing

Anthropic has selected Nasdaq for its potential listing, according to recent reports. The company is separately discussing an IPO that could raise as much as $100 billion at an Anthropic valuation of roughly $2 trillion, with Nvidia considering an investment of up to $10 billion as an anchor investor.

This would be a huge jump from May, when Anthropic raised $65 billion at a $965 billion post-money valuation. At the same time, its annualized revenue run rate has climbed above $65 billion, compared with roughly $9 billion at the end of 2025. Anthropic itself reported a $47 billion run rate in May.

The profitability story is also improving, although there is an important qualifier. The Financial Times reported that Anthropic expects positive adjusted operating income for a second consecutive quarter. Gross margins are reportedly above 80%, but that figure comes before revenue-sharing payments and the cost of training new models. Reuters said it had not independently verified the report.

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Anthropic AI Growth Comes With a Huge Compute Bill

The Anthropic Nasdaq story looks very different once the infrastructure commitments are added up. Anthropic has committed more than $100 billion over 10 years to AWS, securing up to 5 GW of capacity. A separate Google agreement is reportedly worth around $200 billion over five years, while its Microsoft and Nvidia partnership includes $30 billion of Azure capacity.

The company has also agreed to pay SpaceX roughly $1.25 billion a month through May 2029 for compute, a deal worth close to $45 billion if it runs its full course. Another reported agreement with Nscale is worth about $45 billion.

Taken together with other infrastructure commitments, the total is approaching $500 billion, although the contracts differ in duration and structure. Investors will eventually have to price that tension. Anthropic is finally showing signs that revenue growth can turn into operating profit, but staying at the front of the AI race requires spending on a scale few companies have ever attempted.

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