Anthropic picks Nasdaq for an October IPO and tells investors of a second profitable quarter

Anthropic has chosen Nasdaq as the venue for its planned initial public offering, according to Business Insider, which cited a person familiar with the matter. The company is targeting an October debut. Some estimates put the valuation at $2 trillion or more, though that figure is not finalized. The filing is not yet public, and the company must release its financials at least 15 days before its investor road show begins. The choice hands Nasdaq a second consecutive high-profile win over the New York Stock Exchange after it secured SpaceX's listing earlier this year at a $1.75 trillion valuation. Separately, The Decoder reports that Anthropic has told investors it will post a profit for the second straight quarter. That claim rests on an adjusted metric that leaves out costs such as stock-based compensation. Gross margins run above 80 percent, according to the Financial Times, before revenue-sharing payments to partners like Amazon and the cost of training models. Quarterly revenue rose 14-fold from a year earlier to $11.5 billion, and the annualized run rate hit $65 billion at the end of July. SemiAnalysis analyst Joey Brookhart says investors expect $120 billion in annualized revenue by year's end and nearly triple that by the close of 2027. Rather than releasing its prospectus last week as expected, the company shared the documents with a small group of investors first.