Anthropic tops $11.5B quarterly revenue, first profit — but the metric skips compute costs
AlexTensor · x · 2026-09-15
Anthropic posted preliminary Q2 2026 revenue above $11.5B, beating its own $10.9B projection and delivering $559M in adjusted operating income — its second straight profitable quarter. Revenue is nearly 15x the $787M of Q2 2025, jumping from $4.73B in Q1 alone, and has now lapped OpenAI's quarterly run rate. The author, however, calls out the fine print: the adjusted metric excludes distribution costs (COGS) and the massive compute spend for training (OpEx/R&D), and is not GAAP net income. An IPO as early as October 2026 is reportedly on the table.
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