Anthropic is expected to post its first operating profit of $559 million in the second quarter on $10.9 billion in revenue, more than doubling the $4.8 billion it made in Q1, according to investor materials reviewed by The Wall Street Journal. OpenAI won't reach profitability until 2029 or 2030, and expects to lose $74 billion in 2028 alone.
The revenue figures came from an ongoing funding round that could value Anthropic at $900 billion, surpassing OpenAI's $850 billion valuation. Anthropic's quarterly growth is now faster than Zoom during the pandemic and faster than Google and Facebook before their IPOs.
Anthropic's compute spending is expected to drop to 56 cents per dollar of revenue from 71 cents last quarter. The company warned it may not stay profitable throughout 2026 as it ramps up infrastructure spending, including a $1.25 billion monthly deal with SpaceX through May 2029 for computing power at the Colossus data centers.
How Anthropic Beat OpenAI to Profitability
CEO Dario Amodei told his company’s developer conference earlier this month that revenue growth has become "too hard to handle." The company prepared for 10-fold growth but got 80-fold annualized growth in the first quarter instead. "That is the reason we have had difficulties with compute," Amodei said.
