Picture the most closely watched private company in tech finally pulling back the curtain. Anthropic plans to share its Anthropic Q3 financials for the first time at a meeting with institutional investors on Wednesday, CNBC reports, citing two people familiar with the matter.
CNBC calls the meeting a step toward what could be the largest IPO in history. That is a big claim resting on anonymous sources. Anthropic has not commented on the record, and no filing confirms the details yet.
What we know about the Anthropic investor update
The session is in person at Anthropic’s San Francisco headquarters, per Benzinga. CNBC says Bloomberg first reported that the meeting was happening. The people who described it requested anonymity because the details are confidential.
The Anthropic quarterly results themselves are not public. Until Wednesday, any figure you see floating around is a guess.
Worth remembering before the rumor mill clocks in for its shift.
The Anthropic revenue numbers investors already have
The earlier figures set a high bar. Anthropic’s Q2 revenue was preliminarily above $11.5 billion, up from $787 million a year earlier and $4.73 billion in the first quarter of 2026, according to a CNBC report citing Bloomberg. That same report said Anthropic posted positive adjusted operating income in Q2. Those figures were preliminary.
The annualized run rate hit $65 billion at the end of July, CNBC reported in August. It was $47 billion in May. Full-year 2025 revenue was roughly $10 billion.
One caution on that run-rate number. It is an annualized projection built from a short stretch of data, not revenue the company has booked. Anthropic’s third-quarter revenue will show how much of the projection turned into real sales.
The spending side matters too. Anthropic reportedly eyes a $6.3 billion Osaka data center, and the chips inside could cost far more.
Why Anthropic Q3 financials move the stock market
Here’s the thing: a private company’s revenue slide used to matter only to its investors. Not anymore. CNBC says last week’s confusion over a report on OpenAI’s revenue and updated accounting dragged down major chip stocks and the broader Nasdaq. The source said the updated OpenAI number stripped out revenue from cloud partners and did not reflect changing demand.
So who gets hurt when a private AI lab’s math gets fuzzy? Anyone holding the stocks that supply those labs. Chipmakers are already jostling for position, as Microsoft’s push to need Nvidia less shows. That is why Wednesday’s meeting matters beyond San Francisco.
It is also why accounting is the story within the story. CNBC says it is unclear whether Anthropic will count sales the same way as OpenAI’s updated figure, which left out cloud-partner revenue, or whether it will include partner revenue.
Two AI labs can both say “revenue” and mean different things. Investors will want to see the definition before they cheer the number.
What comes next after the Anthropic quarterly results
Newsquawk anticipates an S-1 filing, the public document that kicks off an IPO, but Anthropic has not filed one. Nobody has confirmed a date. Talk of a valuation above $2 trillion and an IPO marketing push in November is floating around, but neither a primary source nor a major outlet has confirmed those details, so treat them as chatter.
For now, mark Wednesday on the calendar. When a company that went from $787 million to more than $11.5 billion in a year shows its next quarter, the whole tech trade will be reading along. Big deals elsewhere, like the reported $7 billion Amazon-Decart talks, show how much money is chasing this space.
The question for Wednesday: does the next number keep climbing like the last ones?
