Anthropic expects to report positive adjusted operating income for a second consecutive quarter, the Financial Times reported, as the Claude developer seeks to address investor concerns about the spending required to build frontier artificial-intelligence models before a potential initial public offering. The company recorded adjusted operating profit in the second quarter after revenue increased 14-fold from a year earlier to $11.5 billion, while its annualized revenue run rate reached $65 billion at the end of July, up from $9 billion at the end of 2025. The profitability measure excludes costs including stock-based compensation, and gross margins exceeded 80% before revenue shared with distribution partners such as Amazon and model-training expenses, the FT said. Anthropic has selected Nasdaq for an IPO that could value it at $2 trillion or more, according to a person cited by the FT, with valuation assessments also linked to projected revenue of up to $200 billion by 2028. The timing and terms remain unsettled.