Anthropic plans to disclose its third-quarter financials for the first time at a meeting with potential investors on Wednesday, CNBC reported on 13 October 2026, citing two people familiar with the matter who asked not to be named because the details were confidential. Bloomberg first reported that the meeting was happening, CNBC said, and Anthropic declined to comment.
According to CNBC, San Francisco-based Anthropic will release the numbers to a group of institutional investors as it prepares for what could be the largest initial public offering in history.
Business Pill · FINANCIAL CONDITIONS
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The key insight: As we read it, the meeting matters for how the numbers are counted as much as for their size: CNBC reports that OpenAI’s updated $50 billion figure stripped out cloud-partner revenue against a widely reported $70 billion, and that it is unclear whether Anthropic will include partner revenue in what it shows investors.
CNBC reported that the numbers this week will give investors a more accurate snapshot of Anthropic’s growth and profitability as they look to value the company ahead of an IPO. CNBC said they will also help Anthropic’s senior executives and bankers gauge investor interest and weigh the reaction to the updated financials.
Anthropic is plowing ahead with what could be a $2 trillion listing based on its latest reported revenue numbers, which could top $100 billion by the end of this year, according to people familiar with the plans cited by CNBC. CNBC said that valuation would put it ahead of SpaceX’s debut.
Anthropic filed confidentially with the Securities and Exchange Commission earlier this year but has not made its S-1 financials public, CNBC said. The company will list in November, according to Reuters, but people familiar with the plans could not confirm a listing date, CNBC reported.
OpenAI’s updated revenue figure shared with investors ($50 billion, with cloud-partner revenue stripped out) against the $70 billion that had been widely reported, as CNBC reported on 13 October 2026. Anthropic’s third-quarter figures have not been disclosed.
Why the Revenue Definition Matters
CNBC tied the meeting to OpenAI’s numbers last week. OpenAI shared an updated revenue number of $50 billion with current investors as part of an ongoing fundraise, CNBC reported, lower than the $70 billion that had been widely reported.
The updated number stripped out revenue from cloud partners and was not an indication of changing demand, according to a person familiar with the matter cited by CNBC. CNBC said confusion around that report dragged down major semiconductor stocks and the broader Nasdaq.
It is unclear if Anthropic will account for sales in the same manner and include partner revenue, CNBC reported.
What CNBC reported on 13 October 2026, citing people familiar with the matter: Anthropic will show third-quarter numbers for the first time on Wednesday; a listing that could be $2 trillion on revenue that could top $100 billion by year-end; S-1 filed confidentially; a November listing per Reuters, which CNBC’s sources could not confirm. Anthropic declined to comment.
The Market Backdrop
CNBC said that if the listing goes ahead, Anthropic will be listing at a time when climbing interest rates are shaking parts of the AI trade. It cited comments from Broadcom CEO Hock Tan, who said at a conference on Monday that with rates climbing, access to capital could be the biggest constraint on AI companies.
Chip stocks were lower on Tuesday, extending an overnight sell-off sparked by worries over the durability of AI financing, CNBC reported. Market conditions are one of the biggest factors in Anthropic’s upcoming IPO, and bankers are closely watching investor appetite for growth and AI stocks, CNBC said.
The Structural Read
CNBC reports that these are the first third-quarter figures Anthropic has shown, and that its S-1 financials, filed confidentially with the SEC earlier this year, are not public.
The scale being discussed is set by people familiar with the plans, as CNBC reports them: a listing that could be $2 trillion, based on revenue numbers that could top $100 billion by the end of this year.
As we read it, CNBC places the meeting inside a market already pricing AI financing risk, citing Hock Tan’s remark that access to capital could be the biggest constraint on AI companies and a chip sell-off on worries over the durability of AI financing.
CNBC, 13 October 2026
“It’s unclear if Anthropic will account for sales in the same manner and include partner revenue”
Three Implications
ANTHROPIC CNBC reports it will show third-quarter financials to a group of institutional investors on Wednesday, ahead of an IPO for which people familiar could not confirm a listing date; Anthropic declined to comment.
OPENAI CNBC reports its updated revenue figure of $50 billion, shared with current investors, stripped out cloud-partner revenue, against the $70 billion that had been widely reported.
CHIP STOCKS CNBC reports that confusion around OpenAI’s revenue dragged down major semiconductor stocks last week, and that chip stocks were lower on Tuesday on worries over AI financing.
The framework puts it this way: “The thesis: the capex race is no longer a corporate spending cycle. It is a sovereign-scale financing problem dressed in tech-company clothing — and the financial architecture is starting to invert.”
As we read it, a frontier lab preparing what CNBC calls possibly the largest IPO in history is that financing problem moving from private rounds to public-market investors, which is why the revenue definition matters.
What Is Not Established
No figures from the meeting have been disclosed. CNBC’s report gives no revenue, profit or loss numbers for the third quarter, no IPO size or price range, and no listing date beyond Reuters’ reported November timing, which CNBC’s sources could not confirm.
CNBC reported that it is unclear whether Anthropic will include partner revenue in its figures. We read CNBC’s report in full on 13 October 2026; Bloomberg’s original report of the meeting was not read, so its details appear here only as CNBC describes them.
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CNBC reported on 13 October 2026 that Anthropic plans to show its third-quarter financials for the first time to a group of institutional investors on Wednesday, citing two people familiar with the matter, with Anthropic declining to comment. CNBC said the numbers will give investors a more accurate snapshot of Anthropic’s growth and profitability as they look to value the company, and that it is unclear whether Anthropic will include partner revenue.
A note on sourcing. This piece is based on CNBC’s report of 13 October 2026 by Kate Rooney and Leslie Picker, which we read in full on 13 October 2026; CNBC cites two people familiar with the matter and says Anthropic declined to comment. Bloomberg first reported the meeting; its article was not read, so its details appear only as CNBC describes them. The November timing is Reuters’ report as CNBC relays it. No Anthropic third-quarter figures have been disclosed. Nothing here is a forecast, and nothing here is financial or investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur, HackerNoon and Search Engine People. Find him on LinkedIn and Substack. See how we source.
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