The AI race is gradually entering a new stage, where investors are beginning to assess not only growth rates but also the ability to turn huge computing costs into sustainable profits. Against this backdrop, Anthropic looks particularly interesting, as the company claims it will end the current quarter with adjusted operating profit for the second time in a row and is simultaneously gearing up for an upcoming IPO with a potential valuation of up to $2 trillion.
In the second quarter, Anthropic already reported adjusted operating profit, and its revenue grew 14‑fold year‑on‑year to $11.5 billion. As of the end of July, its annualized revenue run rate reached $65 billion, compared to less than $9 billion at the end of the previous year. If the current trend continues, the figure is expected to climb to about $120 billion this year, with nearly threefold growth next year.
The business’s economics look particularly impressive before accounting for the most onerous infrastructure costs. According to sources, without the costs of cloud partners, model training, and a number of other items, Anthropic’s gross margin exceeds 80%. However, it is precisely these expenses that remain a key issue for future public investors. Developing advanced models requires ever‑increasing computing power, which means high capital intensity and constant access to infrastructure.
Nevertheless, the move to operating profitability already sets Anthropic apart from the typical image of an AI startup that has been burning capital for years in pursuit of growth. It is the combination of strong revenue growth and the first signs of profitability that could support a valuation of up to $2 trillion.
By contrast, OpenAI is taking a more cautious approach. Sam Altman has officially confirmed for the first time that the company will not be conducting an IPO in 2026. Formally, the reason was the tension surrounding AI safety, but for financial markets, this creates an important contrast. Anthropic aims to leverage its current strong performance to launch an IPO, while OpenAI prefers the flexibility of remaining private.
The risks here are indeed becoming increasingly noticeable. Anthropic’s management is proposing an independent audit of safety procedures, coordination among major developers, and even a voluntary slowdown in model development. OpenAI and xAI have publicly supported some of these initiatives. For businesses, this approach potentially means slower releases, additional costs for testing and compliance, and higher regulatory risk.
That is why the timing for Anthropic’s IPO looks ambiguous. On the one hand, the company may enter the market during a period of exceptional growth and broader market optimism — reflected in recent gains across U.S. equity futures (such as ES futures) on the back of the AI rally — when its financial performance allows it to justify a premium valuation. On the other hand, investors will effectively have to evaluate a business whose management simultaneously warns of the need to limit the pace of development in its own industry.
Geopolitics adds an additional layer of complexity. In the U.S., calls for stricter security measures are met with concerns about losing the technological race to China. Donald Trump has already stated that regulation should not hinder American companies from maintaining their leadership, and some lawmakers fear that excessive restrictions will simply give an advantage to Chinese developers.
At the same time, China itself is also increasing its focus on AI security, but it is emphasizing political, informational, and infrastructural risks rather than voluntarily slowing down technological progress. This reduces the likelihood that the U.S. will be able to significantly slow down the development of the industry without harming its own competitiveness.
As a result, Anthropic’s IPO may become one of the most important tests for the entire AI market. Investors will have to decide how justified the valuation of up to $2 trillion is for a business with phenomenal growth rates, but at the same time huge infrastructure needs and growing regulatory risks.
If Anthropic can maintain high profitability and growth after going public, the market will receive the first convincing proof that advanced AI models can be not only technologically viable but also financially sustainable. If, however, safety concerns and regulation begin to limit the pace of development, the current valuations may turn out to be too aggressive even for one of the fastest‑growing companies in the world.
The above information does not constitute any form of advice or recommendation by London Loves Business for investment, nor is it intended as investment advice, financial advice, or trading advice. Appropriate independent advice should be obtained before making any such decision. Don’t invest unless you’re prepared to lose all the money you invest. Take 2 mins to learn more. London Loves Business bears no responsibility for any gains or losses.
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