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Anthropic could hit second-quarter revenue of $10.9 billion, a figure that would more than double the $4.8 billion the company brought in during the first quarter and surpass everything it earned across all of last year, according to The Wall Street Journal. It would also mark the AI startup's first quarterly operating profit.
For the quarter ending in June, operating profit is expected to reach $559 million, Reuters reported, citing a person familiar with the matter. The company shared the figures with investors as part of an ongoing fundraising round, according to The Journal. Anthropic's 2026 revenue has already reached $10 billion, according to CNBC.
The profit milestone is rare in an AI industry where the cost of computing power routinely outpaces revenue. A measure of the company's improving efficiency: Compute costs that consumed 71 cents of every revenue dollar in Q1 are projected to drop to 56 cents this quarter, The Journal reported
One major contributor to those costs was disclosed Wednesday in SpaceX's IPO filing with the SEC. Under the terms disclosed in the filing, Anthropic will pay $1.25 billion monthly until May 2029, with the agreement covering compute access at both Colossus and Colossus II, SpaceX's two AI training data center clusters. The filing noted that payments will be discounted while capacity is being brought online over the next two months, and that the contract includes a mutual exit clause requiring 90 days' notice.
The arrangement had been previewed earlier this month, when Anthropic said it was taking over the entire output of the Memphis-area Colossus 1 facility — more than 300 megawatts of power supporting upward of 220,000 Nvidia $NVDA GPUs. The company said the arrangement would directly improve capacity for Claude Pro and Max subscribers and enable higher usage limits across several products.
The SpaceX deal comes as Anthropic has signed a series of compute agreements to meet surging demand for its Claude AI models, which have drawn particular interest from software developers and enterprises deploying its coding tools. Those agreements include deals with Amazon $AMZN, Google $GOOGL, Broadcom $AVGO, Microsoft $MSFT, Nvidia, and infrastructure firm Fluidstack.
Investor appetite has followed the revenue trajectory: Anthropic is reportedly in talks to raise new funds at a valuation approaching $900 billion. OpenAI, which private investors currently value at above $850 billion, could submit a confidential draft of its IPO filing to regulators as early as Friday. Anthropic is also eyeing a public offering this year.
The growth has been driven in part by demand for Claude Code, the company's AI coding assistant, as well as a rise in consumer usage. At an earlier developer conference, Dario Amodei offered a wry take on the company's trajectory, saying he was hoping for "some more normal numbers" after growth he described as "too hard to handle."